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Keynes gets the blame for policies he never would have supported. He advocated counter cyclic spending: deficits during recessions, surpluses during booms. That
by api 3y ago
Keynes gets the blame for policies he never would have supported. He advocated counter cyclic spending: deficits during recessions, surpluses during booms. That and the idea of monetary velocity are his biggest insights.
What we do isn’t Keynesian. We run deficits in recessions and deficits in booms and make them bigger and bigger. This has consistently happened under both major political parties (yes including Trump) since the 1980s.