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Durbin: Debt Deal Will Be The Death Of Keynesian Economics
News Wire ^ | July 31, 2011 | Elise Foley

Posted on 08/01/2011 8:24:53 AM PDT by re_tail20

The Republicans are killing Keynesian economics with their attempt to cut spending as the economy rebounds from a recession, Senate Majority Whip Dick Durbin (D-Ill.) said in a floor speech on Sunday.

“I would say … that symbolically, that agreement is moving us to the point where we are having the final interment of John Maynard Keynes,” he said, referring to the British economist. “He normally died in 1946 but it appears we are going to put him to his final rest with this agreement.”

Keynes argued that aggregate demand was not always enough to spur full employment and that outside structures, such as governments, could influence the economy to create jobs and regulate business cycles. His thinking influenced later New Deal spending by President Franklin Delano Roosevelt.

(Excerpt) Read more at vxec.com ...


TOPICS: Government
KEYWORDS: durbindebt
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1 posted on 08/01/2011 8:25:00 AM PDT by re_tail20
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To: re_tail20

Good. Now drive a stake through it’s heart.


2 posted on 08/01/2011 8:25:48 AM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: re_tail20
Keynesian economics always kills Keynesian economics.

.

.

.

Eventually.

.

3 posted on 08/01/2011 8:27:32 AM PDT by Seaplaner (Never give in. Never give in. Never...except to convictions of honour and good sense. W. Churchill)
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To: re_tail20

“their attempt to cut spending as the economy rebounds from a recession”

What recovery? What spending cuts?


4 posted on 08/01/2011 8:27:56 AM PDT by Huskrrrr
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where is this continued mantra coming from about ‘rebounding from the recession’ or ‘recovering economy’????

where have i been all this time????


5 posted on 08/01/2011 8:28:28 AM PDT by raygunfan
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To: re_tail20

6 posted on 08/01/2011 8:28:28 AM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: re_tail20

Promise?


7 posted on 08/01/2011 8:29:04 AM PDT by DesertRhino (I was standing with a rifle, waiting for soviet paratroopers, but communists just ran for office)
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To: Lurker
I particularly like this part...

The Republicans are killing Keynesian economics with their attempt to cut spending as the economy rebounds from a recession...

Really? Since when?

8 posted on 08/01/2011 8:29:04 AM PDT by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: re_tail20

governments see keynesian economics as a way to spur jobs in government...

that’s about all it is good for spurring...

teeman


9 posted on 08/01/2011 8:29:17 AM PDT by teeman8r (armageddon won't be pretty, but it's not like it's the end of the world.)
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To: re_tail20

He says that like it’s a bad thing.


10 posted on 08/01/2011 8:29:46 AM PDT by Constitution Day
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To: re_tail20
If that is the actual result, then let's not hesitate. This economic theory has failed time after time. There is nothing better than old-fashioned balanced, budget money management.

As Coolidge said. Paraphrasing: An economist looks at reality and tries to find a theory to fit.

11 posted on 08/01/2011 8:29:56 AM PDT by Parmy
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To: unixfox

Keynesian economics require spending cuts when the economy rebounds. That’s the part that politician have always ignored.


12 posted on 08/01/2011 8:30:13 AM PDT by DManA
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To: unixfox

I missed the rebound and now we are headed for another correction.

Must of been sleeping


13 posted on 08/01/2011 8:30:35 AM PDT by LMAO ("Begging hands and Bleeding hearts will only cry out for more"...Anthem from Rush)
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To: re_tail20

Not everyone can work for local, state and federal government. If they did the tax rate would have to be 100% to pay everyone.

Somebody has to be out in the private sector turning $1 into $2 so it can be taxed.


14 posted on 08/01/2011 8:30:35 AM PDT by PeteB570
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To: Seaplaner

“In the long run, we’re all dead.”

That was JMK’s answer to the question about how long this policy could be extended until it blew up.

That childless gaylord is now long dead, and we have to deal with the aftermath.

The Long Run is here.


15 posted on 08/01/2011 8:30:47 AM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: re_tail20
“He normally died in 1946. . ."

As opposed to "abnormally died"? What's TurbanDurbin trying to say here?

16 posted on 08/01/2011 8:30:54 AM PDT by hsalaw
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To: re_tail20
He normally died in 1946...

And he's been stinking up the place ever since.

Bury 'em, Dano.

17 posted on 08/01/2011 8:31:10 AM PDT by Rudder (The Main Stream Media is Our Enemy---get used to it.)
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To: DManA

As I understand Keynes he never advocated permanent and accelerating deficit budgets.

You deficit spend during a recession, you pay the debt back when the economy is growing thus smoothing out the highs and lows.

It’s bogus but that’s the theory.


18 posted on 08/01/2011 8:32:23 AM PDT by DManA
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To: re_tail20

What I find most interesting is what we didn’t hear about. Under Republican leadership we aren’t hearing about Cornhusker Kickbacks, and all the other nonsense payoff’s.

That...is a big change.


19 posted on 08/01/2011 8:32:51 AM PDT by ImJustAnotherOkie (zerogottago)
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To: unixfox
The Republicans are killing Keynesian economics with their attempt to cut spending as the economy rebounds from a recession... Really? Since when?

Liberalism is a mental disorder.

In Desperation, Democrats Want Another Stimulus Bill
20 posted on 08/01/2011 8:33:01 AM PDT by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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