Obama Continues His Post-Budget Slide(Its All Keynes Fault)

The Lid/Rasmussen ^ | 2/5/2010 | The Lid

[Shellybenoit]

Why does Camelot lie in ruins? Intellectual error of monumental proportion has been made, and not exclusively by the politicians. Error also lies squarely with the economists. The "academic scribbler" who must bear substantial responsibility is Lord Keynes... James M. Buchanan, in The Consequences of Keynes

The President's State of the Union Address helped him to a huge bounce in his approval ratings. On the day Obama made his SOTU speech Rasmussen reported his approval index at a -15. But as they say, the polls giveth and the polls taketh away. On Monday, the day the budget was officially released Obamas approval index was at a post-speech high of -4, today four days later it stands at a -12.

Much of the reason for the drop is people's mis-trust of the President's budget and his strategy for digging out of our economic crisis. Voter believe that Keynes had it all wrong

[albie]

“Much of the reason” for his fall is his consistent lying. People are s-l-o-w-l-y cathing on. Unbelievable the amount of trust Obamabots continue to have in this fraud! Back and forth, back and forth. “He lied but...I’ll give him another chance”.

[Painesright]

Have you seen this Hayek vs. Keynes rap anthem video, “Fear the Boom and Bust”?

Great stuff!

http://www.youtube.com/watch?v=d0nERTFo-Sk

[RexBeach]

Yeah. Keynes also said, “In the end, we’re all dead.”

Charming and illustrative.

[Vaduz]

Intellectual error of monumental proportion.That covers Obama 100%.

[Haiku Guy]

Keynes was talking about increasing deficit spending when the government expenditures are more or less in balance. But we are operating far outside of that regime.

Now government deficits are so huge, they are overwhelming the size of the economy and certainly the ability of the government to repay. Any benefit of increased spending in this situation is far outstripped by the deleterious effects of binding up available capital and the need for future draconian taxes.

[Chances Are]

Actually, in response to a debate comment that, “in the long run” the economy will right itself if left to it's own devices, Keynes responded, “In the long run, we are all dead”.

I do not recall who he had that debate with, but it was one of those moments, like Scott Brown's “it's the people's seat”, where the original commenter was pwned.

That was probably the start of the “instant attention-grabbing soundbite” phenomenon in modern times.

Too bad it was Keynes who uttered it.

CA....

[RexBeach]

Alas, quoting from memory again. Thanks.