Saturday, February 6, 2010

No One Is a Keynesian Anymore (Except for Government Apologists)

John Maynard Keynes is dead and so is his prescription for fixing economic downturns.

Outside of bought and paid for Keynesian government apologists, it seems no one is a Keynesian anymore.

A new Rasmussen Reports national telephone survey finds that 70% disagree with Keynes advice to increase the deficit during an economic downturn. Most say it would be better to cut the deficit.

In fact, 59% think Keynes had it backwards and that increasing the deficit at this time would hurt the economy rather than help.

To help the economy, most Americans (56%) believe that cutting the deficit is the way to go.

For the forecasting failures of Keynesian economists be sure to watch Tom Woods' speech on the topic.

1 comment:

  1. You really should fix the spelling error for the headline.

    Government, not governmnet.