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.
Yup. As bad as Keynes was, he wasn't a total moron, yet his work has been cited and distorted so much that it paved the way to Modern Monetary Theory where you can just print your way to prosperity.
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.
Yup. As bad as Keynes was, he wasn't a total moron, yet his work has been cited and distorted so much that it paved the way to Modern Monetary Theory where you can just print your way to prosperity.