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Politics : View from the Center and Left
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To: Steve Lokness who wrote (125606)11/26/2009 11:14:48 AM
From: Mary Cluney  Read Replies (1) of 543206
 
<<<But you are right about the differences between Keynesian and Austrians; Austrians believe you should be able to afford your house and pay for it Keynesians - by definition as you used it - believe the government should help pay for your house. But in the long run you keynesians pay more - we all pay more.>>>

We cn literally go on forever presenting examples supporting our views on the micro level and we would both be right.

But here is the big picture view from my perspective:

Suppose you lived high on the hog and wasted all your money. The bubble bursts and now you are deeply in debt. Your fear losing your job and you are a paycheck away from losing home. You are struggling and juggling to put food on the table for your family.

What to do?

Re-evalute your life and values. Draw up a new playbook. You have two options:

1. Tighten your belt. Be a good citizen and pay down your debt at the expense of keeping your family well fed, housed, and adequate health care. Pray to God that you will be rewarded for your new found way of life. The invisble hand will take care of everything.

Or,

2. Go deeper into debt. Restructure your loans. Abovel all, keep your family adequately housed, fed, and healthy. Develop another strategy that will increase your income through working much harder and much smarter. Get healthy and pay off your debt - learn to live a better life.

1 is the Austrian approach and 2 is the Keynesian approach.
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