Keynes is still dead
Historian, Paul Johnson, looks at the results of the Keynesian revolution and is unimpressed:
"The Obama Administration and British Prime Minister Gordon Brown's government both chose to meet the credit crisis and subsequent recession with huge increases in public spending and debt. Brown even boasted that by doing so he had 'saved the world.'"
And:
"Meanwhile, the U.S. and Britain are still deeply mired in recession,having acquired a vast amount of new government debt to no constructive purpose. No amount of juggling with unemployment figures can obscure the fact that in both countries real jobs are still being lost and that the creation of phony government ones is not altering the drop in family incomes. The public senses the truth, and the signs point to voters taking a fearful revenge on the Keynesian 'miracle workers.'"
Read the rest of Johnson's piece at Forbes.
Thanks, David.
"The Obama Administration and British Prime Minister Gordon Brown's government both chose to meet the credit crisis and subsequent recession with huge increases in public spending and debt. Brown even boasted that by doing so he had 'saved the world.'"
And:
"Meanwhile, the U.S. and Britain are still deeply mired in recession,having acquired a vast amount of new government debt to no constructive purpose. No amount of juggling with unemployment figures can obscure the fact that in both countries real jobs are still being lost and that the creation of phony government ones is not altering the drop in family incomes. The public senses the truth, and the signs point to voters taking a fearful revenge on the Keynesian 'miracle workers.'"
Read the rest of Johnson's piece at Forbes.
Thanks, David.
Comments