Wall Street has a new favorite phrase: fiscal quantitative easing, or “fiscal QE.” The first concern is that fiscal QE can obscure the true cost of government borrowing. If fiscal QE boosts asset prices without producing comparable gains in productivity, wages, or business investment, much of the benefit accrues to those already holding financial wealth. AdvertisementNone of this means fiscal QE is inherently harmful. Fiscal QE may help buoy markets in the short run, but it cannot substitute for either entrepreneurship or the hard work of sustainable fiscal policy.