Tuesday, November 2, 2010

Is Obama A Keynesian?

While the Rally to Restore Sanity And/Or Fear was, in general, a seeming success, it was even more successful in my eyes after I saw the video below. In it, one of the chaps at the rally has a sign which reads: "OBAMA = KEYNESIAN?" As you may or may not be aware, Keynesian economics is a macroeconomic theory developed by a one John Keynes (hence, the name). However, what with all of the birth certificate hooplah still in full swing, some people (if we're lucky) might mistake Keynesian for Kenyan. And if we're really lucky, someone might video those sort of encounters at the Jon Stewart rally. And if you're super lucky, I just might post such a video of such an encounter below. You're welcome.

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Scott Jacobs said...

Obama's a Keynesian, just a really, really bad one.

The theory of Keynesians is, in a nut shell, deficit spending is ok (even good), but only is lean times. You then pay off that debt during the good times.

Short term debt is good, so long as you pay it off.

It's the second part of the theory that Dems (and to an extent Reps) don't get.

Mark said...

He's also dependent on dihydrogen monoxide.

I remember a lot of so-called Keynesians who freaked out over the (much smaller) deficits under Bush. I'd say there's more hypocrisy than macroeconomic theory going on here.