In the article below, Nicholas Wapshott, himself a Keynesian, gleefully “outs” Mitt Romney as a Keynesian.
But there is really no outing to do here.
Everything that Romney has said, and also the appointment of one of the best known Keynesians (and former George W. Bush Council of Economics chair) Greg Mankiw as one of two chief economic advisors, has made it clear all along that Romney is a Keynesian.
This is too bad. We won’t have a chance this fall to elect a radically different economic program that might actually make things better. 2013 alone could prove tough enough to take down the re-elected or newly elected president’s reputation. And if all we do is keep applying failed Keynesian remedies, it will only get worse.
Note also that Wapshott is misleading when he says that tax cuts to stimulate the economy are a Keynesian idea. Keynes made it clear that he favored stimulus through printing money and through government deficit spending. He said that deficit financed spending could create as much as $12 of growth for each $1 of borrowing, or at least $3 or $4 dollars of growth. No economist, Keynesian or otherwise, has ever been able to substantiate this. At the moment, borrowing to spend appears to create negative rather than positive economic growth.