The Keynesian model of macroeconomics has two components worthy of reflection in the face of the current Administration’s approach to fixing the economy . . .
John Maynard (“in the long run, we’re all dead”) Keynes
One is the well-known tactic of stimulating a sluggish economic with infusions of government money during bad times.
The other is the oft-forgotten discipline of setting aside boom-time surpluses during the good times to supply stimulus funds for the bad times.
The existence of a huge public debt prior to Bush-Bama “stimuli” disproves the “good times” practicality of the first component.
Failure of the “stimuli” to spur economic growth and produce jobs disproves the “bad times” practicality of the second.
So Keynesian economics fails on both counts. We didn’t save the money when we should have and it wouldn’t have worked if we had.