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Obama Is Not a Deficit Hawk. He's Just a Keynesian

lrussell Wrote: Feb 14, 2013 12:13 AM
Obama's no Keynesian. Keynes understood that raising minimum wage rates would reduce opportunities for young people to enter the workforce. Obama has no clue about economics.
Specious Rule Wrote: Feb 14, 2013 6:22 AM
Most people mean govt spending as a fiscal response to recession when they refer to Keynes. Which Keynes himself retracted shortly before his death. Of course Keynes had a great deal of economic wisdom outside of his prescriptions for spending and the magical multiplier.
Over at Investors Business Daily, Jed Graham writes about "the deficit chart that should embarrass budget hawks," which shows that the federal deficit has been shrinking in the last two years and is projected to shrink further this year:

Graham writes that the draw-down in federal spending puts a precarious economic recovery at risk. That's certainly a take in line with conventional Keynesian economic analysis - the Congressional Budget Office has similarly projected this year's sequester to knock 0.6% off of projected GDP growth and cost 750,000 jobs by the end of the...