The War on Poverty was an farce created by Democrat Lyndon Johnson in 1964. It has effectively turned the U.S, into an welfare state. We need an war on poverty alright, its called jobs and job expansion. Most Keynesian economists do not want to admit that we are in another depression. They find the word painful. They find it painful because it contradicts the idea that Keynesian economic ideas have ended depressions forever. It also contradicts the idea that the massive and continuing Keynesian stimulus applied by world governments since 2008 has worked. For this and other reasons, euphemisms such as the Great Recession have been embraced not only by Keynesian economists, but by their allies in government and in the mainstream press. I argued that we were in a depression in a January article and again in April. Now Brad DeLong, one of the most prestigious Keynesians, a professor at Berkeley and former deputy assistant secretary of the Treasury under Clinton, says that he agrees. It really is a depression.
Posted on: Mon, 01 Sep 2014 16:41:22 +0000
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