President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.
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Article in Forbes bashes Keynesianism for the fraud that it is: During 2009 there was a lot of smug talk among academic and political liberals of Keynesianism enjoying a triumphant revival. But in the real world of jobs, wages and production--as opposed to the imaginary one of the chattering classes--the evidence shows that John Keynes' notion of being able to spend your way out of recession has not worked this time, if it ever did. It's important to note that ordinary voters are more sharply aware of this idea's failure than are the Western governments that have put their trust in Keynes.
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This comes from Business Insider, and it provides a natural follow-up to my post from last week as to why public-sector workers are more optimistic than private-sector employees. For the first time, the US has more government workers than goods-producing workers:
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The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good.
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"Bad as the deficit was under Mr Bush, it will more than triple this year, from $459 billion in 2008 to $1.845 trillion
[...]
Meanwhile, the long-term fiscal outlook grows ever grimmer. Americans are getting older. The government’s unfunded obligations to give them pensions and health care are equivalent to a debt of $483,000 for every household."
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