The Congress Government's policy had always been to Tax and Spend, leading to Financial indiscipline and stunted growth.
But UPA 2 has chosen a more dangerous strategy, that will have long term consequence for the Country. During P.Chidambaram's tenure as Finance Minister, during UPA 1, the UPA Government has taxed anything and everything. As a wag once remarked "The only thing that PC has not taxed is f**king".
With hardly any new avenue open for additional taxation, the Government has shifted its policy to one of "PRINT AND SPEND". It has been printing money indiscriminately, leading to the hyper inflation that is prevalent in the Country today. Even the 'Economist' Prime Minister is pleading helplessness by saying that he is not a magician to tell when the inflation will come down, meaning it won't. Not when the irresponsible Sonia Gandhi and Rahul Gandhi, who enjoy considerable authority without a shred of responsibility, indulge in welfare economics of the worst kind that benefits none (with the exception of the corrupt), and especially the poor whom it is supposed to benefit.
Maybe Manmohan Singh is taking a leaf out of his Master's strategy to counter recession. The USA has been printing dollars indiscriminately (see pic above) to shore up a sagging economy. And disaster looms for dollar.
