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Durbin: Debt Deal Will Be The Death Of Keynesian Economics
News Wire ^ | July 31, 2011 | Elise Foley

Posted on 08/01/2011 8:24:53 AM PDT by re_tail20

The Republicans are killing Keynesian economics with their attempt to cut spending as the economy rebounds from a recession, Senate Majority Whip Dick Durbin (D-Ill.) said in a floor speech on Sunday.

“I would say … that symbolically, that agreement is moving us to the point where we are having the final interment of John Maynard Keynes,” he said, referring to the British economist. “He normally died in 1946 but it appears we are going to put him to his final rest with this agreement.”

Keynes argued that aggregate demand was not always enough to spur full employment and that outside structures, such as governments, could influence the economy to create jobs and regulate business cycles. His thinking influenced later New Deal spending by President Franklin Delano Roosevelt.

(Excerpt) Read more at vxec.com ...


TOPICS: Government
KEYWORDS: durbindebt
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1 posted on 08/01/2011 8:25:00 AM PDT by re_tail20
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To: re_tail20

Good. Now drive a stake through it’s heart.


2 posted on 08/01/2011 8:25:48 AM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: re_tail20
Keynesian economics always kills Keynesian economics.

.

.

.

Eventually.

.

3 posted on 08/01/2011 8:27:32 AM PDT by Seaplaner (Never give in. Never give in. Never...except to convictions of honour and good sense. W. Churchill)
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To: re_tail20

“their attempt to cut spending as the economy rebounds from a recession”

What recovery? What spending cuts?


4 posted on 08/01/2011 8:27:56 AM PDT by Huskrrrr
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where is this continued mantra coming from about ‘rebounding from the recession’ or ‘recovering economy’????

where have i been all this time????


5 posted on 08/01/2011 8:28:28 AM PDT by raygunfan
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To: re_tail20

6 posted on 08/01/2011 8:28:28 AM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: re_tail20

Promise?


7 posted on 08/01/2011 8:29:04 AM PDT by DesertRhino (I was standing with a rifle, waiting for soviet paratroopers, but communists just ran for office)
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To: Lurker
I particularly like this part...

The Republicans are killing Keynesian economics with their attempt to cut spending as the economy rebounds from a recession...

Really? Since when?

8 posted on 08/01/2011 8:29:04 AM PDT by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: re_tail20

governments see keynesian economics as a way to spur jobs in government...

that’s about all it is good for spurring...

teeman


9 posted on 08/01/2011 8:29:17 AM PDT by teeman8r (armageddon won't be pretty, but it's not like it's the end of the world.)
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To: re_tail20

He says that like it’s a bad thing.


10 posted on 08/01/2011 8:29:46 AM PDT by Constitution Day
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To: re_tail20
If that is the actual result, then let's not hesitate. This economic theory has failed time after time. There is nothing better than old-fashioned balanced, budget money management.

As Coolidge said. Paraphrasing: An economist looks at reality and tries to find a theory to fit.

11 posted on 08/01/2011 8:29:56 AM PDT by Parmy
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To: unixfox

Keynesian economics require spending cuts when the economy rebounds. That’s the part that politician have always ignored.


12 posted on 08/01/2011 8:30:13 AM PDT by DManA
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To: unixfox

I missed the rebound and now we are headed for another correction.

Must of been sleeping


13 posted on 08/01/2011 8:30:35 AM PDT by LMAO ("Begging hands and Bleeding hearts will only cry out for more"...Anthem from Rush)
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To: re_tail20

Not everyone can work for local, state and federal government. If they did the tax rate would have to be 100% to pay everyone.

Somebody has to be out in the private sector turning $1 into $2 so it can be taxed.


14 posted on 08/01/2011 8:30:35 AM PDT by PeteB570
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To: Seaplaner

“In the long run, we’re all dead.”

That was JMK’s answer to the question about how long this policy could be extended until it blew up.

That childless gaylord is now long dead, and we have to deal with the aftermath.

The Long Run is here.


15 posted on 08/01/2011 8:30:47 AM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: re_tail20
“He normally died in 1946. . ."

As opposed to "abnormally died"? What's TurbanDurbin trying to say here?

16 posted on 08/01/2011 8:30:54 AM PDT by hsalaw
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To: re_tail20
He normally died in 1946...

And he's been stinking up the place ever since.

Bury 'em, Dano.

17 posted on 08/01/2011 8:31:10 AM PDT by Rudder (The Main Stream Media is Our Enemy---get used to it.)
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To: DManA

As I understand Keynes he never advocated permanent and accelerating deficit budgets.

You deficit spend during a recession, you pay the debt back when the economy is growing thus smoothing out the highs and lows.

It’s bogus but that’s the theory.


18 posted on 08/01/2011 8:32:23 AM PDT by DManA
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To: re_tail20

What I find most interesting is what we didn’t hear about. Under Republican leadership we aren’t hearing about Cornhusker Kickbacks, and all the other nonsense payoff’s.

That...is a big change.


19 posted on 08/01/2011 8:32:51 AM PDT by ImJustAnotherOkie (zerogottago)
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To: unixfox
The Republicans are killing Keynesian economics with their attempt to cut spending as the economy rebounds from a recession... Really? Since when?

Liberalism is a mental disorder.

In Desperation, Democrats Want Another Stimulus Bill
20 posted on 08/01/2011 8:33:01 AM PDT by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: re_tail20

Responsibility has it’s limits.


21 posted on 08/01/2011 8:34:00 AM PDT by broken_arrow1 (I regret that I have but one life to give for my country - Nathan Hale "Patriot")
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To: re_tail20
He normally died in 1946

Whack him again, he's not dead enough.

22 posted on 08/01/2011 8:34:15 AM PDT by ROCKLOBSTER (I love the smell of burning Hope & Change in the morning.)
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To: re_tail20

Is that a promise, Dickie?


23 posted on 08/01/2011 8:35:43 AM PDT by EDINVA
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To: Parmy
An economist looks at reality and tries to find a theory to fit.

Not quite. And economist picks a theory and tries to bend reality to fit.

24 posted on 08/01/2011 8:36:10 AM PDT by BitWielder1 (Corporate Profits are better than Government Waste)
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To: re_tail20
“He normally died in 1946 but it appears we are going to put him to his final rest with this agreement.”

One can only hope that the ideas of this pedophile/pederast socialist (Keynes, not Durbin) are relegated to the dustbin of history.

Unfortunately, since this speculation is coming from Dick (the turban) Durbin, who is wrong on every issue, it is probably wrong, also.

25 posted on 08/01/2011 8:37:16 AM PDT by bkopto (Obama is merely a symptom of a more profound, systemic disease in American body politic.)
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To: DManA
Here's pretty much all you need to know about Keynes in one quote:

"Continuous – a continuous process of inflation, governments can confiscate secretly and unobserved an important part of the wealth of their citizens. By this method, they not only confiscate, but confiscate arbitrarily. And while the process impoverishes many, it will actually enrich some. The process encourages all of the hidden forces of economic law on the side of destruction, and does it in a manner that is not – in a manner that not one man in a million can diagnose,"

26 posted on 08/01/2011 8:37:40 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: re_tail20
This time last year the Tea Party was still defending against allegations of racism and fringe extremism. Now, they've turned the entire Obama regime, with its adoring MSM, on its head. Morning Shmoe was hilarious. This is worth at least a year's of liberal self-loathing leading into the 2012 World Series.

Just declare victory, enjoy the rest of the summer, and watch the miserable Left self-immolate.
27 posted on 08/01/2011 8:38:11 AM PDT by Thrownatbirth (.....Iraq Invasion fan since '91.)
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To: BitWielder1
Have any union workers been laid off recently? Have any raises been set aside?

The government pensions have to be dealt with....no collection until age 60.

28 posted on 08/01/2011 8:38:23 AM PDT by Sacajaweau
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To: Lurker

Though I doubt he is truly dead, go ahead and burn him.


29 posted on 08/01/2011 8:38:43 AM PDT by Sequoyah101 (Half the people are below average.)
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To: re_tail20

Excellent! Call Rev. Al Sharpton and he can hold a funeral service like he did with the “N” word.


30 posted on 08/01/2011 8:39:13 AM PDT by zavvone
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To: BitWielder1

Good enough.


31 posted on 08/01/2011 8:40:11 AM PDT by Parmy
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To: Huskrrrr

Exactly!

Wow, this is so obvious - I can’t believe people don’t see this. When the media and the Democrats all start in with the same message, you can bet that it’s a deliberate strategy. In this case, they are all talking about how this is a huge victory for the Tea Party, and how they got their way. Furthermore, they are talking up the big spending cuts (there aren’t any).

This is why. The RATS know that the economy is headed south in a big way, and they are positioning themselves to be able to blame it on “Republican cuts”.


32 posted on 08/01/2011 8:41:06 AM PDT by Scutter
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To: re_tail20

Hey, Durbin—if it upsets you so much then don’t vote for it. I won’t hold the no vote against you.


33 posted on 08/01/2011 8:46:53 AM PDT by freeangel ( (free speech is only good until someone else doesn't like it)
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34 posted on 08/01/2011 8:48:14 AM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list.)
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To: re_tail20

Keynes and his radical peers from that era deserve the deepest eternal shame.

He and his fraternity of too-clever-by-half humanists are worthy of having their bones put into a public urinal to be targeted for continual desecration.


35 posted on 08/01/2011 8:48:24 AM PDT by lurk
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To: re_tail20

Duck Durbin said “The Republicans are killing Keynesian economics with their attempt to cut spending....”

Where did he get the idea that spending is going to be cut?


36 posted on 08/01/2011 8:49:45 AM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: re_tail20

That’s something to celebrate.


37 posted on 08/01/2011 8:50:45 AM PDT by griswold3 (Character is Destiny)
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To: re_tail20

It’s about time to get rid of that fairy’s theory.


38 posted on 08/01/2011 8:50:45 AM PDT by beethovenfan (If Islam is the solution, the "problem" must be freedom.)
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To: Travis McGee
Keynesian economics died by a Kenyan, how ironic...
39 posted on 08/01/2011 8:54:37 AM PDT by fatez ("If you're going through Hell, keep going." Winston Churchill)
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To: Scutter
The rats are too stupid to know such a thing. They live in an alternate reality. The truth is they “think” the economy will go south because they “think” this is bad economics. It's not and the economy will probably start a slow move up. Of course then Obama will take credit, but we won and I can't wait until the Senate races start. Boy do we have fire power for the Dem incumbents.
40 posted on 08/01/2011 8:57:36 AM PDT by normy (Don't take it personally, just take it seriously.)
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To: re_tail20
If Durbin thinks the past few months represent a recovery, then he should resign his position now. Clearly, he is clueless. And why is the death of Keynesian economics a bad thing? I'm sure there are some RINO's that don't want this to happen, either, sadly.
41 posted on 08/01/2011 8:58:03 AM PDT by Major Matt Mason (“I must confess, when I see anyone with an Obama 2012 bumper sticker, I recognize them as a threat")
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To: re_tail20

No Durbin, the likes of you and your ilk is the death of Keynesian Economics. Would that it had happened fifty years ago. But with fools like you the monster lived on until your folly finally killed it.


42 posted on 08/01/2011 8:58:25 AM PDT by YHAOS (you betcha!)
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To: re_tail20

Durbin is a first class psychopath. Last week he was on WLS droning on and on about the rich not paying taxes then his first two “revenue” ideas were amending the mortgate deduction and counting health care premiums as income, not exactly Soros’ concerns.


43 posted on 08/01/2011 8:59:06 AM PDT by junta ("Peace is a racket", testimony from crime boss Barrack Hussein Obama.)
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To: Major Matt Mason

This “deal” will be do nothing to stop the inevitable credit rating downgrade.


44 posted on 08/01/2011 9:00:57 AM PDT by Nextrush (President Sarah Palin sounds just right to me)
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To: bkopto

Dick Durbin before he dicks you!!!


45 posted on 08/01/2011 9:02:17 AM PDT by CPT Clay (Pick up your weapon and follow me.)
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To: re_tail20

He means Kenyansian economics. There was little to nothing at all Keynesian in what Durbin and the rest of the Donkey Congresscritters did in their stimulus bill


46 posted on 08/01/2011 9:02:38 AM PDT by MNJohnnie (Giving politicians more tax money is like giving addicts free drugs to cure their addiction)
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To: ROCKLOBSTER
Whack him again, he's not dead enough.

Now THAT was funny. Thanks for the laugh.

47 posted on 08/01/2011 9:04:38 AM PDT by MNJohnnie (Giving politicians more tax money is like giving addicts free drugs to cure their addiction)
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To: Sacajaweau

60 is too young...that is part of the problem

all the senior entitlements start date is going to have to get raised

and folks are going to have keep supplemental medical insurance

we can’t afford to keep paying like we have

and not with all the other giveaways up and down the line

Social Security and Medicare are around 50 cents of every Fed dollar spent...imagine that

I wonder what it was when I was a kid in the 60s


48 posted on 08/01/2011 9:04:49 AM PDT by wardaddy (Palin or Bachman..either with Marco....I'm often on a .hence my spelling..sorry)
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To: LMAO

“I missed the rebound and now we are headed for another correction.

Must of been sleeping”

Nah, you probably just blinked.


49 posted on 08/01/2011 9:07:24 AM PDT by ZirconEncrustedTweezers (I don't have hobbies. I'm developing a robust post-apocalyptic skill set.)
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To: Parmy

The problem with the Keynesian economics is that the implementation is only done halfway. The actual theory calls for deficit spending to stimulate demand during times of demand slack — the vote whores have that part down pat. What they do not do is the flip side of what Keynes called for — PAYING DOWN what the government borrowed during times of excess demand.


50 posted on 08/01/2011 9:08:22 AM PDT by L,TOWM (Once you see that it is all Kabuki Theater, you are free to quit wasting your time on politics.)
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