Skip to comments.Confessions of a former Keynesian by Former CO Gov. Richard Lamm (Link only to article)
Posted on 04/16/2013 9:21:09 AM PDT by beaversmom
Confessions of a former Keynesian
(Excerpt) Read more at freerepublic.com ...
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I met Richard Lamm back when he was working for Gary Hart’s campaign for president a long time ago. Doubt many Democrats want to hear his message about Keynes.
The problem with the theory that borrowing ended the Depression is the fact that recovery didnt occur until Britain and France started panic-buying weaponry from anywhere they could - and that meant, "the United States. And the fact that FDR, while publicly taking the popular line that the US could and would stay out of the fighting, in fact did everything he could politically get away with to help Britain in the short term and prepare for all-out war production in the long (18 month) run.
This entailed not only the construction of plants, equipment, and machine tools but, more critically, it entailed the reliance on businesses in being to organize the effort. Doctor New Deal was replaced by Doctor Win the War.
- Freedom's Forge:
- How American Business Produced Victory in World War II
An example of post hoc ergo propter hoc.
I'm glad the guy's finally dumping Keynes but a clear thinker wouldn't have made the error of thinking Keynesianism ever helped anything.
While reading the piece I was waiting for the inevitable punchline: “It is time to raise taxes.”
Thankfully, Lamm never voiced that (typical Democrat) conclusion.
Don’t believe Lamm; CO people have moved much further to the left than he ever dreamed. He is privately estatic.
No one could confuse Richard Lamm with being a clear thinker