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 This also implies that Keynesian fiscal policy will not always be effective in providing a lasting boost to economic growth.This theory was developed by David Ricardo in the early 19th century and was later expanded upon by Harvard professor Robert Barro in 1974. It is pertinent that tax increase expectations in the January release of the Federal Reserve Bank of New York's Survey of Consumer Expectations rose for the third month in a row to the highest level in more than seven years; coincidentally occurring alongside the explosion in government debt growth expectations, which are now double normal pre pandemic levels.Finally, let's consider the Permanent Income Hypothesis, which posits that only shocks to incomes and wealth that are deemed to be permanent in nature, as opposed to transitory, have an enduring impact on spending behavior. Milton Friedman developed this hypothesis, believing that consumer spending is a result of estimated future income, as opposed to consumption