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Inflation soared to double digits in the 70s, budget deficit widened in the 80s, and now a Democratic President (congratulatory) congratulates himself for the budget surplus he wants used to pay off the debt. If we get in trouble it’s my Uncle’s fault because I listened to him shirt. But about sixty years ago, when one in four people could not find a job, the problem was a lack of demand (consumption). Despite this, Keynes encountered great disappointment. Most economists at the time dismissed his idea and favored a balanced budget. Most politicians don’t understand his ideas so they can get started. “Pragmatists, who believe they themselves have no influence from intellectuals, are often slaves to the late economists,” Keynes wrote.
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