TuffaloDeac10
🌹☭
Tough to say which of you two is dumber
In what sense? I'd *prefer* it if the deficits were driven more by one-time items and less by structural issues that need fixing once we get out of the current output gap. I have some serious reservations about the makeup of the deficits, but none whatsoever with the deficits being "too big." There's a reasonable argument to make that they may be too small, or that the stimulus should have been bigger (though there weren't votes for a bigger stimulus for political reasons).
It is not tough to determine that Keynes would not support the ridiculous deficits we have:
http://www.jstor.org/discover/10.2307/4538449?uid=3739776&uid=2129&uid=2&uid=70&uid=4&uid=3739256&sid=21101128880443
Keynes would approve of whatever the British crown approved of.
You think that Keynes would approve of these gargantuan deficits?
I think the prescription for today is the same as the prescription for the 30s, yes.
Milton Friedman disagrees, I think:
More cowbell?
If financed by the government, sure.
We wouldn't actually put the cowbells on anything. Just bury them at a suitable depth and let Miss St fans know about the treasure trove and laissez-faire would take care of the rest.