I suspected this after reading his most recent book, but Judge Posner made it official in The New Republic: he’s a Keynesian.
-Michael
Update: One economist responds.
Posts Tagged ‘keynes’
The Problem With Keynesian Economics and Spending Cuts
September 19, 2009Right now, our government is running a massive deficit. No problem, say Keynesians: we’re supposed to run deficits during economic contractions and surpluses during expansions. Trouble is, it’s hard to kill a deficit (at least without raising taxes) without cutting spending.
Bruce Bartlett has a great article out right now explaining why spending cuts are almost impossible. That $7.5 trillion is going to come from increased taxes, whether we like it or not.
Update: Judge Posner and economist Gary Becker on why deficits matter.
-Michael
Susan Simpson
Michael Williams