So when Keynes argued in favor of deficit spending, did he mean deficit spending in the event of an emergency (i.e. major recession) or did he mean permanent deficit spending every single year like Congress has been doing (I think our last surplus was around 2000).
Keynes was good at changing his own mind, but his work has certainly been distorted for modern political purposes.
Also, that "surplus" that Clinton brags about was a mirage. They just pulled a bunch of accounting tricks like robbing from Social Security to make it appear that way.
Worth it, don't you think?
I argued with my Econ professors because they were Keynesian idiots and somehow avoided failing. Things weren't quite so polarized then, though.
If I knew then what we know now, there's no way I'd have survived.
So when Keynes argued in favor of deficit spending, did he mean deficit spending in the event of an emergency (i.e. major recession) or did he mean permanent deficit spending every single year like Congress has been doing (I think our last surplus was around 2000).
Keynes was good at changing his own mind, but his work has certainly been distorted for modern political purposes.
Also, that "surplus" that Clinton brags about was a mirage. They just pulled a bunch of accounting tricks like robbing from Social Security to make it appear that way.
Yeah, I had a feeling he only meant run deficits to temporarily boost the economy in a rough patch, not run up deficits 20 years in a row.