View Poll Results: Do you support Keynesian economics?

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Thread: Do you support Keynesian economics?

  1. #21
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    Re: Do you support Keynesian economics?

    Quote Originally Posted by Lord Tammerlain View Post
    The specific part of Keynsian economics that deal with smoothing the economic cycle yes

    Having the government limit spending during good years, building a surplus, and during bad years increasing spending and drawing down the surplus is a good policy. It would limit the booms, and the busts, making each smaller in scope, limiting the potential for bubbles and busts

    However most politicians due to pandering dont tend to build the surplus that should be part of any Keynsian economic policy
    certainly so.

    but that doesn't justify an inability to account for the failures of the other side of the coin.

    Starting in early 2008, both Bush and Obama attempted to "prime the pump" "jumpstart the engine" and a thousand other stupid analogies to suggest that by having the government take money from productive sectors of the economy and funnel it to unproductive sectors, that somehow that would make the economy more efficient and productive and stave off economic pain. Bush ran up the largest deficit in our nations' history, and then Obama more than tripled it.

    And what has been the result? Have our historically-proportioned expenditures given us historical success, or historical failure?





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    Last edited by cpwill; 06-04-11 at 08:18 PM.

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    Re: Do you support Keynesian economics?

    Hell no, Keynesian economics is very destructive.

  3. #23
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    Re: Do you support Keynesian economics?

    Quote Originally Posted by Chappy View Post
    Do you support Keynesian economics?

    Yes
    No
    Don't know
    Don't care
    I don't know if I believe in Keynesian Economics.

    However, I do believe in a mixed economy with government providing mostly a regulatory role in the economy rather than a more "hands on" approach that Keynesian Economics seems to support.

    So I suppose I'm a few steps to the right of Kenyesian Economics.
    Also, we need to legalize recreational drugs and prostitution.

  4. #24
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    Re: Do you support Keynesian economics?

    Quote Originally Posted by cpwill View Post
    certainly so.

    but that doesn't justify an inability to account for the failures of the other side of the coin.

    Starting in early 2008, both Bush and Obama attempted to "prime the pump" "jumpstart the engine" and a thousand other stupid analogies to suggest that by having the government take money from productive sectors of the economy and funnel it to unproductive sectors, that somehow that would make the economy more efficient and productive and stave off economic pain. Bush ran up the largest deficit in our nations' history, and then Obama more than tripled it.

    And what has been the result? Have our historically-proportioned expenditures given us historical success, or historical failure?
    So tax cuts don't work? Bush's 2007-2008 was almost entirely tax cuts. Obama's stimulus ws heavily tax cuts. So tax cuts don't work?
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Do you support Keynesian economics?

    Quote Originally Posted by Harry Guerrilla View Post
    In theory, it sounds nice.
    In practice, not so much.
    Well, we tend not to practice it. Like deficit spending during boom years. That certainly is not Keynesian economics.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  6. #26
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    Re: Do you support Keynesian economics?

    Quote Originally Posted by cpwill View Post
    certainly so.

    but that doesn't justify an inability to account for the failures of the other side of the coin.

    Starting in early 2008, both Bush and Obama attempted to "prime the pump" "jumpstart the engine" and a thousand other stupid analogies to suggest that by having the government take money from productive sectors of the economy and funnel it to unproductive sectors, that somehow that would make the economy more efficient and productive and stave off economic pain. Bush ran up the largest deficit in our nations' history, and then Obama more than tripled it.

    And what has been the result? Have our historically-proportioned expenditures given us historical success, or historical failure?





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    You are ignoring the main aspect of Keynsian economics that was not followed during the Bush years. Running a surplus during the good years

    Had the US government instead of running stimulative deficit during periods of economic growth (dependant as they were on the housing bubble), the boom years would have been smaller, the government fiscal situation better. Allowing the government the fiscal room to stimulate the economy during the bad years. Having consumer, corporate and government expanding debt levels during the "boom" years, provides a large temporary stimulative effect on the economy (not true economic growth/wealth creation) but debt finainced consumption). In other the words the government provided stimulus during a period of time it should be contracting its spending, not increasing.

    Now in 2011, all sectors of the economy are massively in debt, and have no room to provide stimulus to the economy when it is in a contractionary period (as debt paydowns usually are

    One should also note that the US, all of the US has not had such a high total debt level since the 1930's (debt to GDP) which spiked that high due to the economic contraction. Todays high debt levels are not due to economic contraction,


    Overall the US has not been following Keynsian economics in full, only the easy part, deficit spending. Ignoring the equally important part, building a surplus. In other words treat government like a business, or a family. Save money for the bad times, in order to ride them out,
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    Re: Do you support Keynesian economics?

    Quote Originally Posted by Lord Tammerlain View Post
    One should also note that the US, all of the US has not had such a high total debt level since the 1930's (debt to GDP) which spiked that high due to the economic contraction. Todays high debt levels are not due to economic contraction,
    Are you talking about personal debt or government debt?
    Also, we need to legalize recreational drugs and prostitution.

  8. #28
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    Re: Do you support Keynesian economics?

    Quote Originally Posted by Harry Guerrilla View Post
    In theory, it sounds nice.
    In practice, not so much.
    Exactly like lazze-faire economics.
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  9. #29
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    Re: Do you support Keynesian economics?

    Quote Originally Posted by obvious Child View Post
    So tax cuts don't work? Bush's 2007-2008 was almost entirely tax cuts. Obama's stimulus ws heavily tax cuts. So tax cuts don't work?
    tax cuts can work. increased government expenditures do not. tax cuts work best when paired with spending cuts to match.... but our political parties seem to generally lack that kind of spine.

  10. #30
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    Re: Do you support Keynesian economics?

    Quote Originally Posted by samsmart View Post
    Are you talking about personal debt or government debt?
    All

    US total debt, government, corporate and personal has never been as high as it is now. Only in 1932- or 1933 could it compare before

    As such many people are attempting to lower their debt levels either through paying it back or defaulting. The decrease in consumer/personal spending on housing, cars, etc is having a huge effect on the US economy. Consider the drastic decline in new home construction and resale of existing homes, to the huge drop in auto sales from the 17 million mark per year to what I believe was around the 11 million mark last year. Combined they account for a huge drop in consumer spending and economic activity (accounting for multiplier effects and in pure numbers)
    Last edited by Lord Tammerlain; 06-04-11 at 09:21 PM.
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