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Is Obama A Keynesian?: Attendees at the 'Rally for Sanity' Debate the Issue

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NOW THIS IS HAPPENING
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Is our 44th President a Keynesian?

The British economist John Maynard Keynes argued that governments have the power to avoid economic meltdowns by engaging in a lot of go-go stimulating. Specifically, Keynes encouraged deficit-financed fiscal spending as the most effective method.

The December 31, 1965 issue of TIME magazine featured a cover story titled, “The Economy: We Are All Keynesians Now.” Here is an excerpt:

“When Keynes first propagated his theories, many people considered them to be bizarre or slightly subversive, and Keynes himself to be little but a left-wing mischief maker. Now Keynes and his ideas, though they still make some people nervous, have been so widely accepted that they constitute both the new orthodoxy in the universities and the touchstone of economic management in Washington. They have led to a greater degree of government involvement in the nation's economy than ever before in time of general peace. Says Budget Director Charles L. Schultze: ‘We can't prevent every little wiggle in the economic cycle, but we now can prevent a major slide.’” (Hat tip: Yardeni Research)

Whoops.

Anyhoo, the question is whether President Barack Obama is a Keynesian. Recently, at Jon Stewart’s much hyped political rally in Washington – ‘Rally to Restore Sanity and/or Fear’ – an intrepid reporter asked attendees for clarification. (Hat tip: Marginal Revolution)

Unfortunately, Obama’s many fans seemed confused by the question.



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