Prayers won't save us from lavish spending that stretches our debt

Jua kali artisans at work in Gikomba, Nairobi. [Boniface Okendo, Standard]

This week, I had the privilege of being a co-guest on Spice FM's popular morning talk show. The topic of discussion was how to strike a sustainable balance between taxes and public debt.

In monetary economics, there is no distinction between taxation and public borrowing. Public debt essentially amounts to pre-collected taxes. In the end, what the government borrows will inevitably translate into future taxes.