Posted on 12/04/2010 4:06:23 PM PST by mandaladon
Investors Business Daily titles its editorial today, “Keynesianism, RIP,” declaring the government-spending stimulus philosophy discredited in the wake of the 19th consecutive month of 9% or higher unemployment rates. IBD wants Barack Obama to put aside his “stubborn pride” (and his economic team) and start working with Republicans on policies that will truly stimulate the economy. But is the death certificate for Keynesianism premature?
Please, Mr. President, you and your economic team of born-again Keynesian central planners have had your chance.
Remember having to fire Christina Romer, among others, for forecasting your $800 billion stimulus bill would keep the jobless rate below 8%? Now, private economists are forecasting a 10% rate for next year. For the first time, the U.S. is facing Euro-style structural unemployment. This is no time to be raising taxes.
Yet, in a sign that ideology still trumps reality, Romer’s replacement carries on the discredited tax-and-spend torch. …
An unrepentant Obama insists the lopsided election was a referendum on the economy and not a repudiation of his policies. He says voters were “not thinking clearly” when they voted for change.
Who’s not thinking clearly, Mr. President?
(Excerpt) Read more at hotair.com ...
It’s not dead but it’s a carrier of death.
I’m a little rusty on Johnny Keynes, but that era was riddled with commies/socialists/fascists, ? The head of the IMF at its creation was a Red, for just one example. Their goal was the destruction of capitalism - that is free markets, private property, human rights, etc.
To be fair, and what nobody ever mentions, ever, is that Keynes theory of deficit spending is predicated only on a balanced budget? The last time that happened if figures can believed, was somewhere around 1954.
Deficit spending is a recipe for the confiscation of wealth. Seems like Keynes theories were twisted at best, into a mechanism to bring ruin.
Yes.
How did we go from not bailing out Enron to bailing out everybody in only seven years?
Only if people start realizing that Keynesism is more about control/immorality and less about economics.
http://www.modernhistoryproject.org/mhp/ArticleDisplay.php?Article=Bloomsbury&Entity=KeynesJM
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