To: i-node who wrote (588297 ) 10/1/2010 1:51:08 PM From: Alighieri Respond to Keynes also did not and would not today support the idea of uncontrolled structural deficits which the Democrats have imposed on this country. Keynes did not support Obama-esque deficit spending like the stimulus bill, with no visible means of repaying the debt. obviously blah blah assertion. Obviously you did not follow the thread before posting and obviously you can't seem to post anything without including an insult...the only thing you are obviously good at. obviously incorrect as well as obviously irrelevant to the discussion we were having. The General Theory advocated deficit spending during economic downturns to maintain full employment. Keynes’s conclusion initially met with opposition. At the time, balanced budgets were standard practice with the government. But the idea soon took hold and the U.S. government put people back to work on public works projects. Of course, once policymakers had taken deficit spending to heart, they did not let it go. Keynes believed that once full employment had been achieved by fiscal policy measures, the market mechanism could then operate freely. “Thus,” continued Keynes, “apart from the necessity of central controls to bring about an adjustment between the propensity to consume and the inducement to invest, there is no more reason to socialise economic life than there was before” (p. 379). econlib.com
