The issue focused more on addressing inflation over time than controlling spending or deficits. While fiscal consolidation does reduce deficits and encourages efficiency in reducing deficits, spending tends to decline during periods of recession. Such deficits tend to offset savings over time from productivity gains (capital outlays), debt issuance (budget deficits), government receipts from payroll taxes (budget deficits), interest payments from payroll taxes (budget deficits), private equity lending (budget deficits), etc. Those deficits typically translate into fiscal consolidation costs (particularly inflation), thus accelerating inflationary pressures