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.
"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,"
“You deficit spend during a recession, you pay the debt back when the economy is growing thus smoothing out the highs and lows”
I’d like if you could quote me where he lays this out. I wouldn’t reject it out of hand, as he constantly contradicted himself. But as I understand Keynes, he wanted the pump to be primed perpetually, not just when things are trending down. Fundamental to an understanding of the Keynesian system is his belief that the balance of savings to investment is chronically out of whack, and the correct balance is always more, more, more investment. And I do mean always.
Where this idea came from that he aimed to smooth out hills and valleys, I don’t know. Perhaps from accollades who realized how awful was the truth of the system. Keynes was quite emphatic that the goal was eternal Boom, not permanent quasi-bust. Forever September, 1929, might as well have been the motto.