[BfloGuy]

Use surpluses in the good years to finance deficits in the bad years .... (a.a.e's great abridged version)

You're right -- that was one of his tenets and it is one which has been ignored.

[Shout Bits]

I thought I’d just mention that this thread is very thoughtful and shows that this group has an above average knowledge of economic theory.

Not to get down in the mud here, but I really think most of the people who actually apply Keynesian theory to fiscal and monetary policy don’t understand it as well as you folks who don’t support it.