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Politics : View from the Center and Left
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To: bentway who wrote (191780)6/18/2012 11:09:00 AM
From: Steve Lokness  Read Replies (2) of 543801
 
<<<<Keynes dictated paying higher taxes and paying DOWN debt during relatively GOOD economic times, as during the bulk of the Bush admin. >>>

You give Bush waaaaaay too much credit! Most of his term was an unmitigated disaster. There was two recessions under his watch. During both Bush did real keynes type stimuluses. The first recession began in 2001. What is keynes idea for stimulating the economy in times of recessions? Government spending and driving down interest rates. Bush increased the spending with two wars and during this time they pushed down interest rates to artificial levels. You just can't deny any of those facts because they are true! If you say the wars were not keynes type spending programs, I'll be happy to argue that fact with you. .............Housing was the vehicle of choice that got the bulk of the stimulus because of low interest rates. So the long start-up time and length of time it takes to get government approval for land development, build the developments, build houses and sell houses skewed the economic stimulus to a point too late in the "natural" economic cycle. ........I'm not defending Bush here at all as I think he was the most damaging president economically (and in other ways too) in history. But some of that damage can be laid right at the feet of keynes ideas!
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