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Obamanomics Is Final Nail in Keynesians’ Coffin

The Teleprompter Speaks Wrote: Jul 17, 2012 10:34 AM
Thomas Sowell covers this pretty well. Politicians love Keynesian economics because it gives them more power. They can get credit for doing something, even when the results of what they do make things worse.
Keynesian economics is the false vision of human action that says the way to promote economic recovery and renewed growth is through increased government spending, deficits and debt. If that sounds nuts, that's because it is.

The idea is that the increased government spending and deficits will increase demand in the economy for more production, and that producers will increase supply to meet that demand, hiring more workers and reducing unemployment in the process. Keynesian economics arose in the 1930s in response to the Depression. It never worked then, as the recession of 1929 extended into the decade long...