Keyword: keynesianeconomics

Brevity: Headers | « Text »
  • Donald Trump, The Gold Standard, Maynard Keynes, And Our Madmen In Authority

    06/06/2016 4:56:40 AM PDT · by expat_panama · 41 replies
    Forbes ^ | Jun 5, 2016 | Ralph Benko
    Today, June 5th, is the anniversary of the birth of John Maynard Keynes, once upon a time the great foe of the gold standard. Today also, coincidentally, happens to be the anniversary of the date celebrated of FDR’s “taking America off the gold standard.” These events are not mere historical curios. The current presidential campaign, and underlying political climate, shows we are finally, maybe definitively, emerging from the academic economists’ anathema on the gold standard... ...Trump, the presumptive GOP presidential nominee, is on record as strongly appreciating the gold standard... ...The “interwar gold standard” in fact was a barbarous relic....
  • Republican Candidates Versus The New York Times: Why Isn’t the Economy Growing Faster?

    10/03/2015 6:48:16 AM PDT · by Kaslin · 12 replies ^ | October 3, 2015 | John C. Goodman
    Until we entered the Great Recession, most economists regarded Keynesian economics as a relic of the past. You could still find it discussed in some introductory textbooks. But, as University of Chicago economist John Cochrane points out, it wasn’t on the syllabus in any of the leading graduate schools. Then came the most serious downturn since the Great Depression and something living economists had never seen before: interest rates that were near zero and in some cases negative. Keynes himself speculated that the economy could become stuck in a liquidity trap – where monetary policy is ineffective and only fiscal...
  • Bad Policy, Bad Politics

    02/03/2015 4:54:33 AM PST · by Kaslin · 1 replies ^ | Michael Barone
    Word comes that Barack Obama's budget will, not surprisingly, call for ending the sequester spending limits now in effect. That's not surprising. White House aides proposed the sequester, but Obama thought it wouldn't go into effect because Republicans couldn't accept its sharp limits on defense spending. But with voters recoiling against foreign military involvement, they could and did. At the time, Keynesian economists predicted that the sequester -- "austerity" -- would squelch economic growth. And they predicted that Republicans' failure to continue extending unemployment benefits beyond 26 weeks would result in mass misery. The Keynesian predictions have proven unfounded. The...
  • Will 80% Income Taxes and a New 10% Wealth Tax Fix Our Economy? (Only in liberal logic)

    05/04/2014 11:22:53 AM PDT · by Kaslin · 34 replies ^ | May 4, 2014 | Hunter Lewis
    The economist offering this “solution” has been feted by the Obama White House economic staff, the International Monetary Fund, and by many of the people running world economies today. His ideas are definitely “in play.” Thomas Piketty, the forty-two year old French economist whose book, Capital in the Twenty-first Century, became an overnight sensation and unexpected bestseller, is being hailed as the new Keynes, an economic thinker who can lead us out of our current economic malaise, just as Keynes is alleged by his followers to have lead us out of the Great Depression. Keynes’s keynote book, The General Theory,...
  • Making Fun of Keynesian Economics

    03/10/2014 5:51:24 AM PDT · by Kaslin · 11 replies ^ | March 10, 2014 | Daniel J. Mitchell
    <p>It’s sometimes difficult to make fun of Keynesian economics. But this isn’t because Keynesian theory is airtight.</p> <p>It’s easy, after all, to mock a school of thought that is predicated on the notion that you can make yourself richer by taking money from your right pocket and putting it in your left pocket.</p>
  • Meltdown: O's Econ Team Says Gov't Shutdown Will Cost 120,000 Private Jobs

    10/24/2013 4:51:21 AM PDT · by Kaslin · 27 replies ^ | October 24, 2013 | Michael Schaus
    Obama’s top economic advisors (yes. . . He actually has a couple of those lying around the White House) did some common-core style math, and have calculated that the [partial] government shutdown earlier this month will end up costing the economy over 120,000 private sector jobs. Who’d have thought closing down a DC memorial to WWII vets could cause so much economic havoc? Our Campaigner-in-Chief’s Council of Economic Advisors announced that the [partial] government shutdown slimdown will result in a 0.25 percentage point reduction in GDP, and the loss of roughly 120,000 private sector jobs for the month of October....
  • The Madness of Keynesian Economics

    12/24/2012 7:50:37 AM PST · by Moseley · 14 replies
    American Thinker ^ | December 24, 2012 | Jonathon Moseley
    President Barack Obama demands more stimulus spending to avoid the "fiscal cliff." Obama increased the national debt $6 trillion to $16 trillion. Yet the Democrats' 'cure for what ails ya' is even more spending. Obama demands around $75 billion in new spending to stimulate the economy in 2013. "Keynesian Economics" is the insane belief that the economy can be stimulated by government spending. It provides the excuse to depart from common sense that allows politicians to ignore the alarm bells. It is ludicrous mainly because our government doesn't have any money to spend. If the government had a surplus saved...
  • Higher Taxes Will Create Jobs and Reduce the Deficit (You can't make this stuff up)

    12/12/2012 1:05:36 PM PST · by wac3rd · 29 replies
    Yahoo! Finance ^ | 12-12-12 | David Cay Johnson
    President Obama hit the road this week to build national support for increasing taxes on wealthy Americans. On Monday the president addressed autoworkers in Redford, Mich., outlining his budget proposal and explaining why higher tax rates were necessary at this critical juncture. "Our economic success has never come from the top down," Obama said. "It comes from the middle out; it comes from the bottom up." Raising taxes on the top 2% of U.S. households has been a controversial topic as the "fiscal cliff" negotiations drag on in Washington. The "cliff" refers to the billions of dollars in spending cuts...
  • The Fallacy of Government Intervention

    08/14/2012 8:46:55 AM PDT · by AMP1 · 3 replies ^ | 2012-08-14 | AmpersanArchist1
    On 2012-08-03 Paul Krugman wrote an Op-Ed piece in the New York Times entitled “Debt, Depression, DeMarco”, excoriating the “the scorched-earth opposition of Republicans, who have done everything they can to get in ‘Obamas’ way — and who now, having blocked the president’s policies, hope to win the White House by claiming that his policies have failed.” Interesting! Perhaps instead of blaming Bush, the Republicans, conservative thinkers, the Eurozone, a naturally non-responsive economy, sun spots, The Coming Of Kohoutek and the Mayan calendar, Mr. Krugman would be looking inwardly because maybe, just maybe, the policies he and other leftists promote...
  • Obama's Economic Fictions Are Unraveling (More Keynesian economics for dummies!)

    06/16/2012 12:20:14 PM PDT · by neverdem · 10 replies ^ | June 15, 2012 | Robert Tracinski
    President Obama's statement that "the private sector is doing fine" is not just gaffe. It is a lesson in bad economics and an explanation of the failure of Obamanomics. The specific premise behind that statement is that the cause of persistent unemployment is not the weakness of the private sector but rather a decrease in employment by state and local governments. The Heritage Foundation provides the graph that refutes this on a purely factual level. It shows employment levels in the private sector versus state, local, and federal government since... --snip-- Aren't we all watching this happen in Europe right...
  • At Camp David, world leaders agree on more spending to boost Europe’s economy

    05/20/2012 9:22:07 AM PDT · by mojito · 81 replies
    Washington Compost ^ | 5/19/2012 | David Nakamura and Howard Schneider
    CAMP DAVID, Md. — Leaders of the world’s wealthiest nations opened the door Saturday to more government spending in Europe as way to revive the continent’s struggling economy, shifting away from the idea that the surest way to recovery was through strict fiscal austerity. Meeting at the Group of Eight summit at Camp David, President Obama and his fellow leaders said they were committed foremost to creating jobs and growth, a shift, at least in emphasis, from previous gatherings dominated by German efforts to reduce high government debt through drastic fiscal reform. In a joint statement, the leaders of eight...
  • Where does government control of the economy lead? (Historical long-term unemployment)

    05/12/2012 12:30:30 PM PDT · by Jim Robinson · 39 replies
    Posted to fb by FReeper Joe Wierzbicki | May 12, 2012 | Pew Research
  • Gutting Defense Results In Cutting Jobs

    12/16/2011 9:02:07 AM PST · by raptor22 · 12 replies · 1+ views
    Investor's Business Daily ^ | December 16, 2011 | IBD staff
    Military Spending: The head of the House Armed Services Committee says already enacted and looming defense cuts could cost the economy a million and a half jobs. It could cost the nation much more than that. As we've written, the upcoming mandated cuts in defense spending, on top of already enacted cuts,are real cuts, not cuts in the rate of growth. They are deep cuts in the budget baseline that will impair military readiness and our ability to meet our commitments and respond to crises around the world. They will also take a toll on the nation's job picture. Rep....
  • Marc Faber: Obama's Job Package 'a Complete Joke'

    09/09/2011 4:20:00 PM PDT · by george76 · 14 replies
    CNBC ^ | 9 Sep 2011 | Patrick Allen
    Pimco’s Mohamed El-Erian might like what he sees in President Barack Obama’s $447 billion jobs package but not Marc Faber, the author of the Gloom, Boom and Doom report, who is not happy about the President’s plan. The package is “another complete failure of Keynesian economics and corrupt interventions,” Faber
  • Desperate Democrats jump the stimulus shark

    06/24/2011 6:46:34 PM PDT · by neverdem · 16 replies
    Washington Examiner ^ | 06/23/11 | Masthead Editorial
    "Jumping the shark" refers to TV sitcoms that have run out of ideas and resort to desperate stunts to stay on the air. Yesterday, Democrats, led by Senate Majority Leader Harry Reid and his chief deputies, Sen. Dick Durbin of Illinois and Sen. Charles Schumer of New York, showed that jumping the shark happens in politics, too. As Reuters reported, Reid and company are demanding that a new stimulus program be included in any deficit reduction agreement, including billions in new spending on highways and clean energy projects. "Get the recovery right before you get in this deficit-cutting mode, get...
  • They're All Detroit Democrats Now

    03/03/2011 11:11:50 AM PST · by Mozilla · 4 replies
    American Spectator ^ | 3-3-11 | Peter Ferrara
    House Republicans have fulfilled their campaign pledge to cut $100 billion in spending in the first year, passing a continuing resolution (CR) on February 19 cutting that much for this year from President Obama's 2011 budget, which was exactly their pledge. That involves a $61 billion cut for the rest of this year from the baseline of the CR that is now funding the government through March 4. But the liberal Democrats are stuck in that 1930s-1970s thinking, and that is why as soon as they were back in power, the Obama Administration went right back to that with its...
  • Niall Ferguson Lecture Video: Empires on the Edge of Chaos

    01/02/2011 12:38:17 PM PST · by theBuckwheat · 14 replies
    Australian Broadcasting Company ^ | 9/18/2010 | Niall Ferguson
    Throughout history the rise and fall of empires isn't slow or cyclical, as we like to think, but mostly happens very, very suddenly. America is a superpower on the edge of chaos, according to economic historian and author Niall Ferguson. U.S. debt levels, he says, and its unwillingness to address the problem, has put it in the same category as other great empires which have collapsed throughout the ages. Ferguson argues the world is changing. There's the rise of authoritarian China as a super-power; a Keynesian president leading a weakened United States; the re-emergence of democratic India as a...
  • Japan and the Limits of Keynesianism

    12/28/2010 4:58:48 PM PST · by neverdem · 11 replies
    The Atlantic ^ | Dec 28, 2010 | Megan McArdle
    Japan's budget is in a truly terrifying state.  Reading about the government's behavior reminds me of the worst accounts of compulsive spenders on the verge of personal bankruptcy--a sort of "What the hell, we're screwed anyway, so let's not think about it and maybe go to Cabo for the weekend."  The budget's structural position is what is known technically to economists as "completely hosed"; borrowing now exceeds tax revenue, and debt service costs now eat up almost half of the tax revenue the government collects.  "Unsustainable" is too weak to describe the situation; I don't know how they're doing it...
  • Cargo-Cult Keynesians

    11/25/2010 12:13:33 PM PST · by neverdem · 22 replies · 1+ views
    American Thinker ^ | November 23, 2010 | J.R. Dunn
    For the second time in my life, the U.S. has descended into cargo-cult Keynesianism Cargo cults were a product of WWII. The centuries-long isolation of the South Pacific's native Melanesian peoples ended with the coming of war. The islanders got along well with American GIs (far better than with the imperious and arrogant Japanese troops), who willingly shared their rations and other items. The Melanesians became used to the good life in the form of Spam, Lucky Strike cigarettes, and beer in the can -- the basic elements of true civilization. When the war ended, so did the stream of...
  • The Keynesians Get Their Wish

    11/06/2010 12:58:22 AM PDT · by Scanian · 21 replies
    The American Thinker ^ | November 06, 2010 | Peter Raymond
    The Keynesians finally got their wish. The Federal Reserve plans to inject $600 billion dollars of the most caustic debt imaginable into the economy. This is the Agent Orange of monetary policies that has the potential to wreak financial havoc. In the hope of generating inflation, the central bank is going to enable deficit spending by buying treasury bonds. You read that correctly; the primary goal is to erode the value of the dollar, and we get to watch our currency and wealth literally dissolve before our eyes. Only a desperate government would consider debasing its own currency. The resulting...
  • In Britain, Keynesians Fall Out of Favor

    10/20/2010 12:23:08 PM PDT · by reaganaut1 · 9 replies
    New York Times ^ | October 20, 2010 | LANDON THOMAS Jr.
    The British economist John Maynard Keynes may live on in popular legend as the world’s most influential economist. But in much of Europe, and most acutely here in the land of his birth, his view that deficit spending by governments is crucial to avoiding a long recession has lately been willfully ignored. In Britain, George Osborne, chancellor of the Exchequer, delivered a speech on Wednesday that would have made Keynes — who himself worked in the British Treasury — blanch. He argued forcefully that Britons, despite stumbling growth and negligible bank lending, must accept a rise in the retirement age...
  • Hey, You have to Break a Few Eggs to Break an Economy

    08/25/2010 8:43:13 PM PDT · by La Lydia · 2 replies ^ | August 24, 2010 | Ed Driscoll
    Rob Long links to economist William Anderson of the Krugman in Wonderland blog, even more necessary since the Times’ economist (whose mid-century Keynesian-Galbraithian anti-free market worldview recalls bowtied Irving R. Levine, minus the gravitas) instituted his three-inches-or-less rule. As Rob writes:On one of my favorite blogs, Krugman in Wonderland, economist William Anderson regularly explains the pathology of the NYTimes’ flagship economics columnist. Here he is, in an open letter to Paul Krugman, taking apart one of his recent columns, arguing for the repeal of the Bush Tax Cuts: In your column today on extending the lower tax rates that now...
  • Hillsdale College Prof. Burt Folsom - "Avoiding Current Fashions"

    08/24/2010 7:18:59 PM PDT · by hillsdale1 · 9 replies ^ | 8-24-10 | Prof. Burt Folsom
    One of the benefits of studying history is that we can see what worked and what didn’t work in the past. That helps us put the present in perspective. My larger point is that many ideas that are fashionable today will be discarded and in the dumpster thirty years from now. In fact, my task as a teacher is often to explain to students how it is possible that so many people in a given generation could have believed something that today is obviously so silly. Let’s look at some examples.
  • Orszag Resigns Over Inability To Persuade Summers And Obama Keynesianism Leads To Suffering

    06/26/2010 3:01:12 AM PDT · by Daisyjane69 · 2 replies
    Zero Hedge ^ | 6/25/10 | Tyler Durden
    As we speculated previously, the sudden and unprecedented departure of Peter Orszag, the day prior to the US Budget's formalization (which incidentally never happened as now the US will likely not have a 2010 budget at all, for fear of disclosing to most Americans just how broke the country is ahead of mid-terms) was due to Orszag's disagreement with the administration's, and particularly Larry Summer's, inability to fathom that reckless spending is a recipe for bankruptcy. As the FT reports: "Peter Orszag, Barack Obama’s budget director, resigned this week partly in frustration over his lack of success in persuading the...
  • KEYNES AT HARVARD Economic Deception as a Political Credo

    04/02/2010 3:06:54 PM PDT · by narses · 15 replies · 519+ views
    PREFACE HOW THIS BOOK CAME TO BE WRITTEN By Zygmund Dobbs In 1957 a Harvard alumni group asked this writer to initiate a study of leftist infiltration at Harvard University. Previous efforts to find a qualified Harvard alumnus for the task had proved unfruitful. This was a period when America was still in shock over scandals involving traitorous government officials in the service of the Stalinist terror apparatus. Disloyal Ivy leaguers had used the wealth and resources of the United States to undermine their own country. Incredibly, at the same time, they were able to betray over 600 million people...
  • The cultural contradictions of J. M. Keynes - On the insights & limitations of the influential...

    05/24/2009 8:50:09 PM PDT · by neverdem · 5 replies · 585+ views
    The New Criterion ^ | May 2009 | James Piereson
    On the insights & limitations of the influential economist.Among the unhappy consequences of the current financial meltdown is the apparent triumph of a set of moral imperatives that seem every bit as perverse as those recorded in Alice in Wonderland. Financial institutions that took extreme risks and collapsed have to be bailed out by taxpayers on the grounds that “they are too big to fail.” Improvident borrowers, who purchased homes they could not afford and then defaulted when they could not make the monthly mortgage payments, must be subsidized by taxpayers in order to halt the slide in all house...
  • Einstein's Definition of Insanity

    05/14/2009 11:57:57 AM PDT · by Titus Quinctius Cincinnatus · 10 replies · 1,222+ views
    Conservative Underground ^ | 28 April 2009 | Tim Dunkin
    Students of history are often surprised by the way history seems to repeat itself. Indeed, history seems to have a pronounced stutter at times. This has led some historians (like Toynbee, for instance) to postulate rather fanciful theories about civilizational cycles, attributing a determinism, and even a teleology, to history that I feel is unwarranted. Rather, I believe the reason for the appearance of repetition is that the primary agent of history is man – and man, even across different time periods and allowing for some modification in different cultures, has the same set of motivations, wants, hopes, and desires....
  • Something Wicked This Way Comes

    03/14/2009 11:00:12 PM PDT · by neverdem · 41 replies · 2,867+ views
    American Thinker ^ | March 15, 2009 | J.C. Smith
    The darkest times in human history have all begun when someone decided "not to let a serious crisis go to waste". In fact, it is in times of economic crisis that folks are most susceptible to the ideas of tyrants. We look for an answer, any port in a storm that will shield us from the unknown. And in our desire to be safe, we open ourselves up to things that we would never have dreamed of allowing in normal times. Consider, my friends that Germany in the 1930's was suffering from massive unemployment and high inflation, mostly due to...
  • Cycles of Doom (book review of "The Great Inflation and its Aftermath" by Robert Samuelson)

    11/29/2008 1:11:14 PM PST · by reaganaut1 · 33 replies · 1,075+ views
    New York Times ^ | November 28, 2008 | Noam Scheiber
    Inflation-racked countries scorn all the self-abnegating rituals that make capitalism work. They want their guns and their butter and they want them now. So they print money to pay for them. By contrast, low-inflation countries are committed to an ethos of scrimping and toiling that yields long-term rewards. In “The Great Inflation and Its Aftermath,” Samuel­son studies the transformation of the United States from the first kind of country to the second. The villain in Samuelson’s morality tale is a group of intellectuals who came into fashion during World War II, then came into power with the Kennedy administration. John...
  • Ford's Risky Plan Against Slumpflation

    01/30/2008 8:58:22 PM PST · by logician2u · 20 replies · 58+ views
    Time ^ | Jan. 27, 1975
    It was anything but the standard State of the Union speech. Instead of congratulating himself on the achievements of his young and troubled Administration, Gerald Ford adopted the somber tone of a wartime leader calling for an all-out effort to repel the enemy. Instead of skipping lightly over a broad spectrum of national and foreign policies, the President concentrated almost exclusively on specific means to counter the worst economic slump since the Great Depression, the nation's almost 14% rate of inflation and the U.S.'s dangerous dependence on cartel-controlled foreign oil. Displaying the blunt candor that is his most politically attractive...
  • School Question about Katrina and Taxes

    10/09/2005 8:35:58 PM PDT · by sofiakp89 · 51 replies · 906+ views
    I am 16 years old and in the speech and debate team at my high school. Our current topic for debate is: "Should the United States federal government fund Hurricane Katrina relief and rebuilding by ending President Bush's tax cuts?" I strongly disagree with the proposition, but I need more evidence and reasons to back up my argument. Suggestions and facts would be greatly appreciated!!
  • Keynesian world thrown for curve as global economy grows

    08/19/2005 11:37:33 AM PDT · by bayourod · 9 replies · 909+ views
    The Weekend Australian ^ | August 20, 2005
    IT is remarkable how Keynesian economic theories from the Great Depression are enjoying something of a vogue in a world that seems to bear little resemblance to the 1930s - at least outside Japan. It reflects an attempt to explain the behaviour of a global economy that has broken away from established economic verities, such as the link between current account deficits, interest rates and exchange rates. For several years now there have been predictions of a crash of the US dollar, a leap in global interest rates, a collapse of asset prices and a possible global recession. Yet global...
  • Does Raising Taxes and Increasing Spending Aid Economic Recovery?

    10/31/2002 9:16:59 AM PST · by az4vlad · 3 replies · 328+ views ^ | 10-29-02 | Rachel Alexander, Esq.
    Politicians who claim that it is necessary to raise taxes and increase spending in order to hasten economic recovery never bother to explain how their macroeconomic plan works, and maybe it's because even they don't fully understand it.As the election approaches, many politicians are ominously warning that the only way to revive the economy is to raise taxes, insisting that any opponent who dares say they will not raise taxes is being irresponsible in order to get votes, and will eventually see the folly of their ways once elected and raise taxes. There is also talk of the necessity of...
  • Does Raising Taxes and Increasing Spending Aid Economic Recovery?

    10/29/2002 4:57:41 PM PST · by az4vlad · 2 replies · 834+ views ^ | October 29, 2002 | Rachel Alexander
    As the election approaches, many politicians are ominously warning that the only way to revive the economy is to raise taxes, insisting that any opponent who dares say they will not raise taxes is being irresponsible in order to get votes, and will eventually see the folly of their ways once elected and raise taxes. There is also talk of the necessity of new spending, in order to “stimulate” the economy. Yet after these declarations, there is a deafening silence – no in-depth analysis is offered explaining precisely how raising taxes and increasing spending will help the economy. Why? Most...