Originally Posted by Brainiac
I've said in the past on this site that Keynes is undoubtedly spinning in his grave in horror at how his economic philosophy has been twisted and distorted by the current gang in Washington. Keynes proposed intentionally running surpluses in good times and deficits during economic downturns. He didn't propose running trillion dollar deficits every freaking year and having the government provide everything from the cradle to the grave.
Referring to Obamanomics as Keynesian is akin to saying that Scott ***** is running the Chiefs just like the New England Patriots.
Here's where Keynes screwed up though: He trusted politicians with money. It's a system that enables politicians to spend. This one point alone makes it fundamentally flawed. Central planning, a plank of socialism, never works. Never.
“Experience should teach us to be most on our guard to protect liberty when the Government’s purposes are beneficent. Men born to freedom are naturally alert to repel invasion of their liberty by evil-minded rulers. The greatest dangers to liberty lurk in insidious encroachment by men of zeal, well-meaning but without understanding.” — James Madison