Government Debt: The Formidable Heir of Democracy and Keynesianism

Today’s global economic situation, which is underscored by political myopia and reactionary policies, is the product of Keynesian economic theory. John Maynard Keynes’ influential economic work The General Theory of Employment, Interest and Money, has inspired much of the world’s modern economic theory. In fact, 35 years after publishing The General Theory, President Nixon is credited with saying “We are all Keynesians now.” It is a sentiment which has hardly been challenged in the White House since. At the cornerstone of Keynes’ philosophy is the manipulation of aggregate demand. His…