This is Keynesian. That philosophy isn’t just “spend your way out of a recession”, it also rails against perpetual trade deficits and argues for the implementation of tariffs to arrest their growth. Obama is 100% on board with Keynesian economic policies, and this further cements that fact.
http://online.wsj.com/article/SB124173036742997785.html
Thirty years ago this week, Margaret Thatcher led her Conservative Party to victory and set the scene for a wave of privatization and deregulation across the Anglosphere. From the Keynesian mindset that delivered economic stagflation and turmoil in the 1970s, the U.K. as well as the U.S. and the Antipodes moved to an era of sounder policy and more durable prosperity. Today, as the cause for small government and free markets appears quixotic, it is easy to forget how depressing things looked three decades ago and how the economic reforms unleashed by the Thatcher Revolution led to a golden age.
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But has the age of Thatcher, Reagan and Howard been consigned to the dustbin of history? With today's global financial turmoil, U.S. President Barack Obama, U.K. Prime Minister Gordon Brown and Mr. Rudd champion the politics of envy and the discredited economics of the Keynesian welfare state and demand management.