Word: keynesian
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There are those, to be sure, who think nothing at all needs to be done about the deficit. Certain neo-Keynesian and supply-side economists have, willy- nilly, joined forces in an attempt to persuade Americans that the deficit doesn't matter all that much and may even be useful. Some of them think that a mere $200 billion in federal red ink has only a negligible negative effect on an expanding $4.9 trillion economy. Others argue that much of the deficit has positive, pump-priming effects and promotes growth and higher levels of employment. As Robert Eisner, an economist...
Clinton won't make the same mistakes. But he knows that to stay competitive, the Keynesian deficit spending offered by New Deal and Great Society-era programs cannot work. Were America the unquestioned economic leader of the world, a plan to return to such programs might make at least some sense...
...Symbolic Military Keynesianism" at its best. In traditional Keynesian economics--long the bane of Republicans--the federal government "primes the pump" of the domestic economy by increasing spending on unemployment benefits, jobs programs and the like. In military Keynesianism, the government primes the pump by building a massive military program--trading the efficiency of jobs programs for the enticement of military might...
...like Keynesian economics, raises the aggregate demand. It's a dependence effect, an addiction where you need to try harder just to forget how bad things are. Very few of us would stand for just another Panama or just another Iraq without squealing a great deal. And very few of us would mess with the really big bad armies and navies that haven't yet come in from the Cold...
Even the Republicans, who preached an "eat-your-spinach" brand of balanced-budget economics from Herbert Hoover to Barry Goldwater, have joined the game. The party that once accused Keynesian Democrats of trying to make one plus one into three has adopted supply-side economics, which holds that two minus one is three...