Quote:
Originally Posted by Iowa_Flames_Fan
Nowadays everyone's a Keynesian!
I'm not convinced that the petulant demagoguery of supply-side ideologue John McCain would have been better. And in any case, that ship has sailed. Most people with any sense agree that a Keynesian model is what's needed in the short term anyway. The others are trying to revise history and claim that the New Deal failed (see Rush Limbaugh)--but you and I both know that history ain't on their side.
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Well, you used several convenient strawmen to bolster your position.
There is significant economic/historical evidence that the New Deal and Second World War only prolonged a financial bubble from the 1920s and instilled false consumer confidence until the 1970s when it all broke to pieces.
Keynesian theory is a somewhat effective criticism of neo-classical economics (which is probably the majority of opinion among actual economists) until you get to the actual long-term outcome of financial stimulus packages on consumer confidence and recovery of activity.
It doesn't matter what John McCain or Rush Limbaugh think, the Keynesians are just as, if not more, politically motivated to increase public sector spending.