Keynesian Economics

American federal debt is growing faster than the GDP now. This year, the debt-to-GDP ratio stands at 121 percent. . . about fifth worst in the world. Interest payments on the federal debt have topped 36 percent of total tax receipts. And all of this has its roots in the Keynesian philosophies of the early 1920’s and 30’s. The present-orientedness, existentialism, and the ideology of Jean-Paul Sartre and John Maynard Keynes are what ran the 20th century and helped produce what we have today. So how much character would it require to reverse the worldview that has soaked our respective nations over the last 50-60 years? How much long-term vision would it take to turn the nation around? Probably a little more than what Elon Musk and Scott Bessett can offer. We review President Trump’s pick for Secretary of the Treasury and revisit the history of modern economics on this edition of the program.