Another Hayek vs. Keynes battle

Discussion in 'Politics' started by Ricter, Nov 11, 2011.

  1. Ricter


  2. "As New Yorker writer John Cassidy noted, we’re all Keynesians in a crisis"
  3. Today's 9.0% unemployment rate and the failure of QE2, among other things, are proof that the Keynesian model is a failure.
  4. Lemme modify my statement above. Replace "the Keynesian model is a failure" with "the Obama model is a failure".

    Here's a nice leftist CNN article, How Obama Got Keynes Wrong. Below are excerpts:

    "[Obama is] neglecting a key part of Keynes' plan: You can't run up a debt without a way to cover it."

    "Keynes was opposed to large structural deficits. He thought that they chilled rather than stimulated the economy."

    "Keynes wanted deficits to be cyclical and temporary. He wouldn't have been in favor of efforts to raise tax rates in a recession to eliminate deficits." "... the Kennedy Administration tax cuts were championed by Keynesian economists, and proved very successful at raising investment."