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Unrolled link: https://threadreaderapp.com/thread/1533524778610348032.html https://threadreaderapp.com/thread/1533524778610348032.html > The United States did

Unrolled link: https://threadreaderapp.com/thread/1533524778610348032.html https://threadreaderapp.com/thread/1533524778610348032.html > The United States did not have a surplus or a balanced budget since 2001. In the last 50 years the US only had 4 years of profit. Keynesian economic theory states that governments save in the good times and spend in the bad. According to that quote, there's only been 4 years in the past 50 that have been good. Something is bullshit or the USA isn't following Keynes.

vulcan01 4y ago
We stopped following (classical) Keynesian economics because it did not predict the stagflation of the 1970s. Also, no elected official really wants the government to save - because they can score political points by increasing government spending or decreasing taxes. (Yes, this kicks the can down the road, but this is a failure mode of democracy.)