May 26, 2012

"These people are Keynesians. Why can't they say so?"

David Weigel is annoyed by the argument — seriously pushed this week — that Obama is a spending-cutter.

17 comments:

Terry said...

"These people are Keynesians. Why can't they say so?"

Because they are not keynesians. Thye are obamamanians or something. Keynes knew that raising taxes was bad for economic growth. The administration -- and a lot of liberals -- believe the opposite.

Rusty said...

Euphemisms!

It had to be said.

edutcher said...

Well we all know that Zero is a Keynesian.

He admits he was born in Keynesia.

madAsHell said...

Obama doesn't know what he is. No one has ever challenged his convictions.

Pogo said...

Postmodernism means never having to say you're sorry.

Or admit to anything at all.

Jay said...

Why can't they say so?"

Because recent events demonstrate the utter failure of their ideology. So they're pretending it isn't their ideology.

EDH said...

The Keynesians are just getting pathetic.

On Bill Maher last night, Art Laffer and Paul Krugman were on the round table.

Krugman started the conversation by noting that government spending, "unfortunately" in the form of WWII, ended the great depression.

But by the end of the segment, Krugman is arguing the current "depression" is due in large part to George Bush starting "two wars" without paying for them.

Original Mike said...

My understanding of Keynes' perscription is that the government borrows and spends during downturns, BUT it pays the debt back during the good times. It is NOT borrow during expansion and borrow even more during recession. How can that possibly, possibly work?

viator said...

Because Keynesians are the new Marxists.

Scott said...

You win a prize if you can accurately describe what a Keynesian is in 25 words or less.

No takers? I didn't think so.

Terry said...

A keynesian is an economic policy maker who believes that the business cycle can be evened out by the government spending borrowed money during recessions.

25 words.

Original Mike said...

Useful idiots.

2 words.

John Lawton said...

Shorter Terry: One flash means "Yes," two flashes mean "No."

Terry said...

"Spending borrowed money relieves poverty"
There it is in 5 words.
Economics is a humanity, for God's sake, not a science. A lowly physics undergrad knows more math than Paul Krugman.

jim said...

Indeed, the true horror of Keynesianism was on full display during the Dark Ages between WW2 & 1980, when families could actually own a home on a single income, while 2-3% unemployment ravaged the land, & deficits skyrocketed into the billions!

NEVAR FORGET.

Obama's real policies are a lot closer to Reagan than Keynes. Bush could never have gotten away with "putting Social Security on the table" to fight the bogeyman of deficits, & his attempt to privatize it in his second term was a disaster.

Zero "peace divdend" will be forthcoming from ending combat ops in Iraq ... & the Pentagon isn't exactly holding bake sales, nor are they in much apparent danger from the doomed "Doomsday triggers" that were supposedly activated by the living fossil that is Congress.

You have much less to fear from Obama's spending than you do from the series of massive blows scheduled to come in 2013: another debt-ceiling debacle, expiry of huge amounts of very economically stimulative unemployment insurance, along with the first real major tax increases since at least the 1990s.

Even if the US can avoid default again, the cost of those losses to America is going to soar into the trillions, with depressingly predictable results for the markets - & unlike 2008, the money for yet more bailouts or stimulus just isn't there this time. If the Tea Party DOES get its wish & instigate a default, the global panic & financial slaughter of 2008 will look like naptime at a daycare in comparison.

jim said...

Indeed, the true horror of Keynesianism was on full display during the Dark Ages between WW2 & 1980, when families could actually own a home on a single income, while 2-3% unemployment ravaged the land, & deficits skyrocketed into the billions!

NEVAR FORGET.

Obama's real policies are a lot closer to Reagan than Keynes. Bush could never have gotten away with "putting Social Security on the table" to fight the bogeyman of deficits, & his attempt to privatize it in his second term was a disaster.

Zero "peace divdend" will be forthcoming from ending combat ops in Iraq ... & the Pentagon isn't exactly holding bake sales, nor are they in much apparent danger from the doomed "Doomsday triggers" that were supposedly activated by the living fossil that is Congress.

You have much less to fear from Obama's spending than you do from the series of massive blows scheduled to come in 2013: another debt-ceiling debacle, expiry of huge amounts of very economically stimulative unemployment insurance, along with the first real major tax increases since at least the 1990s.

Even if the US can avoid default again, the cost of those losses to America is going to soar into the trillions, with depressingly predictable results for the markets - & unlike 2008, the money for yet more bailouts or stimulus just isn't there this time. If the Tea Party DOES get its wish & instigate a default, the global panic & financial slaughter of 2008 will look like naptime at a daycare in comparison.

Rocketeer said...

You win a prize if you can accurately describe what a Keynesian is in 25 words or less.

Poor Keynes. He never said a damned thing about borrowed money, but he still gets tagged with it. What he actually said, in less than 25 words, was:

Spend less in good times and save; spend those savings in bad times to see yourselves through.