Durbin: Debt Deal Will Be The Death Of Keynesian Economics

News Wire ^ | July 31, 2011 | Elise Foley

[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.

[Major Matt Mason]

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.

[YHAOS]

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.

[junta]

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.

[Nextrush]

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

[CPT Clay]

Dick Durbin before he dicks you!!!

[MNJohnnie]

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

[MNJohnnie]

Whack him again, he's not dead enough.

Now THAT was funny. Thanks for the laugh.

[wardaddy]

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

[ZirconEncrustedTweezers]

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

Must of been sleeping”

Nah, you probably just blinked.

[L,TOWM]

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.

[Jim Noble]

In the long run...

[roaddog727]

In the long run, we’re all dead........

[dfwgator]

This deal will do nothing of the sort.

[baddog 219]

Stake won't work... You must double tap to the head..

[EternalVigilance]

If brains and character were Kleenex, there wouldn’t be enough in the U.S. Senate to blow your nose twice.

[KarlInOhio]

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.

It was funny over the weekend that some of the presstitutes were whining about this. They were complaining that before (they didn't quite say "good old days" but they might as well have) the Speaker could have taken some of the opponents in his own party and given them some bridges or federal offices to flip their votes. All of these Tea Partiers were too ideological (not idealistic, the word I would have used) to be convinced that way so the Speaker's job was much harder.

[FrankR]

[Califelephant]

Some think this is Durbin’s attempt to inoculate Obama — from now through the election — by blaming any and all growth and productivity woes on spending cuts demanded by the Tea Party.

[kanawa]

What's TurbanDurbin trying to say here?

Nominally?

"He nominally died in 1946. . ."

[MNJohnnie]

Vain effort. Rightly or wrongly the President always owns the economy. 2012 will be a referendum on the 0 Democrats handling of the economy. No amount of spinning, whining or demagoguery can change it. It merely makes the Dems look like weak whinny children when they try to blame everyone esle for what they did.This tactics worked in 2008 because they could pretend to be the outsiders running against DC. in 2012 they are DC in most voters minds