President Barack Obama demands more stimulus spending to avoid the "fiscal cliff." Obama increased the national debt $6 trillion to $16 trillion. Yet the Democrats' 'cure for what ails ya' is even more spending. Obama demands around $75 billion in new spending to stimulate the economy in 2013.(full story at americanthinker.com)
"Keynesian Economics" is the insane belief that the economy can be stimulated by government spending. It provides the excuse to depart from common sense that allows politicians to ignore the alarm bells. It is ludicrous mainly because our government doesn't have any money to spend.
If the government had a surplus saved up, spending actual money might give our economy a short-term sugar high (with dubious long-term results). But our Federal and state governments must first suck money out of the economy by borrowing it.
History has repeatedly proven that this is nonsense. Yet Democrats will not let go of the Keynesian Myth. The government is the center of society, America's modern Democrats want to believe. So they cannot shake the dogma that our entire economy depends upon government spending.
Keynes Reburial Attempted Again
How Progs justify spending beyond our means