Is Obama a Keynesian?

by on November 2, 2010 at 12:07 pm in Economics, Education | Permalink

Hat tip: Stephen Miller.

Andrew November 2, 2010 at 8:15 am

Shame on me. I had preconceived Mickey Mouse Hitler to be the judgmental type.

scot November 2, 2010 at 8:46 am

Although I'm a knee jerk liberal chicago hatin keynsian, I honestly dislike 99.9% of our population. morans.

Cee Jay November 2, 2010 at 9:03 am

Funny, but cruel (not unlike so many Tea Party videos).

The Unqualified Econ November 2, 2010 at 9:23 am

Funny! Though it did sound like the interviewer was intentionally fudging his pronunciation of the word to be "Ken-sian" a few times. Also, wouldn't surprise me one bit to see an "Obama is a Keynesian" rally sign at a Tea Party as a typo/misunderstanding, when they actually did mean Kenyan.

It is a shame this film crew didn't run into the photo shoot discovering their inner economists…

joe November 2, 2010 at 11:02 am

Goes to show that the Daily Show audience isn't any more educated than the "masses" they like to sneer at.

BV November 2, 2010 at 11:52 am

Three comments:

1) Given a large enough crowd you can always find idiots;

2) You can selectively edit to elicit a predetermined response;

3) That video is HILARIOUS!

Cliff November 2, 2010 at 12:19 pm

Actually, the Daily Show audience is more educated than average. There was some sort of study if I recall correctly.

Garbagemin Franklin November 2, 2010 at 1:52 pm

Pretty funny… But how many teapartiers know who Keynes is? Here's some classic scary footage to remind y'all of the alternative:
http://www.youtube.com/watch?v=zbyFeFhUTmI

Wordup to BV (above): "1) Given a large enough crowd you can always find idiots;"

DaveyNC November 2, 2010 at 4:42 pm

Isn't Keynsia down the road from Serfdom?

Unsympathetic November 2, 2010 at 6:12 pm

How could Obama be a Keynesian? He didn't push for a stimulus that would actually fill the output gap. He also didn't mandate running a surplus after getting out of the hole.

Those are the key tenets.. without those, you've got nothing to call him a Keynesian.

Nyongesa November 3, 2010 at 2:40 am

BV nails it on the head…

Andrew November 3, 2010 at 3:37 am

Basically, smart people know dumb people put too much emphasis on education. Correlation. Intelligence causes education moreso than the other way around.

If you have to have a stimulus equal to the recession, first you couldn't. Because the recession is at least partly real, and especially not in a debt crisis. Second, that means there are about 15 Keynesians in the country. We aren't talking just "bigger" we are talking $Trillions. Krugman's view that we can cause a new boom without having high unemployment is well taken (although misguided IMHO). However, there is no proof we could afford it not even counting the potential for interest rate spikes. Print the money? Inflation isn't a free lunch. Also, all those homebuilders cannot be employed building homes (and other credit-based jobs). I haven't heard anyone, even Krugman, propose an actual plan of what would actually be done.

I agree with Unsympathetic. I think Keynes was at least partly joking when he suggested outright wasting money, using a reductio ad absurdum to make his point. But, taking it as a literal lesson seems like the only lesson the politicians took from him. That's why they didn't call for sanity before, have no concrete (and concrete) plans now, and aren't advocating a plan for sanity going forward. Not even the Keynesians are Keynesian.

paul November 3, 2010 at 4:42 pm

I was at rally with a copy of Keynes' "General Theory…" in my bag. If they had asked me I would have offered to give them the book so they could decide for themselves.

chi turbo November 3, 2010 at 9:07 pm

Thank you again for all the knowledge you distribute.This blog very fun .thank you for your share .

betty blue November 4, 2010 at 4:51 am

@scot, i think you mean "morons".

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