Tuesday, May 26, 2015

On the Fact that Virtually Every Keynesian Economist, Liberal Politician (President Truman Included), and Left-Leaning Journalist (The Nation and The New Republic Were All Over it) Spoke Out in Favor of a Humongous Stimulus Package and Extensive Government Control of the Economy at the End of World War 2 - this to Ward Off Yet Another Great Depression (Their Prediction)

Yeah, they were wrong (a Keynesian prediction not materializing - how surprising!) in that not only did a second great depression not occur, the country (Congress prodding Truman and Truman ultimately capitulating) actually did the opposite of what the Keynesians were advocating and a) cut spending, b) cut taxes and c) eliminated price controls and the economy exploded in 1946 and on into 1947.......Please, explain to me again why we listen to the Keynesians.

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