Robert Samuelson, a writer I admire, sees Keynesianism in eclipse, but I'm not sure we should nail down the coffin lid just yet. I thought Keynes was confirmed dead years ago, only to see him resurrected with relish, ala Vlad the BigSpender, after the housing bubble burst and this President was elected.
Just a few years ago, before the Bush/Obama bailouts and spending binges drove the economy further into the ditch, exposing the limits of government pump priming, the Left was gleefully declaring Adam Smith dead. Markets had once again failed us, they said. Keynesianism is the way to go.
Now Keynes is being pulled off his pedestal and replaced by. . . . well, we still haven't figured that out. Keynes will not die, or even rest, until statists concede that government kills far, far more jobs than it "creates." And that, I'm coming to believe, is a religious position, over which reason and fact have no bearing.
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