Keynesian economics should have died in the late 1970s with stagflation...something Keynesian theory said could not happen. J M Keynes is like a zombie who keeps coming back from the dead looking for economies to devour.
I watched an interesting video interview with F.A. Hayek before he died, and he said that in his opinion, even Keynes would vigorously disagree with how his theories have been interpreted.
For my part, I think Keynesian theory is complete hogwash from the get-go.
I think it is like socialism.
No matter how many times it is tried and failed, someone always thinks it is because it was done wrong.
“THIS time, WE will do it right!” It is a form of mental illness.
Keynes actually knew that it wouldn’t work if the money multiplier was less than 2. The multiplier has been below 1 since 2008 (and still falling) so it’s no wonder it didn’t work. Obama’s economics team either were ignorant or didn’t care to spoil the party laid on for Obama’s people.