[St_Thomas_Aquinas]

His deficit spending in recession proposition assumed also that in years of economic boom... Surpluses would be "banked" for the next recession. Something modern Keynesians have utterly ignored.

Why? Because when government spending doesn't result in economic growth, government spending is increased, further delaying recovery and prompting more government spending.

It's a vicious Keynesian circle.

[Ramius]

All true enough. I said I won’t defend Keynes... And I won’t. But most people still misunderstand what Keynesianism was all about.