Keynes dead in Europe
Posted in Economy by Peter W. Schramm
Britain "unveiled the country's steepest public spending cuts in more than 60
years, reducing costs in government departments by an average of 19
percent, sharply curtailing welfare benefits, raising the retirement
age to 66 by 2020 and eliminating hundreds of thousands of public
sector jobs in an effort to bring down the bloated budget deficit." And then there is this, as a news story (also in today's NY Times):
John Maynard Keynes "may live on in popular legend as the world's most influential
economist. But in much of Europe, and most acutely here in the land of
his birth, his view that deficit spending by governments is crucial to
avoiding a long recession has lately been willfully ignored." Amusing.
10:57 AM / October 21, 2010
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I am not laughing.
Get a job!
I think it's becoming clearer that government intervention in natural downturns is counterproductive. Like many ailments, it's best to weather the storm without crazy cures.