Al Bundy, if you don't know, is a character from the show "Married with Children." He was the father of a lower-middle income family that was the epitome of the 90's ghetto/trailer/exurbanite trash that was becoming mainstream at the time. One of his defining traits was when he would wax poetically about a football game his played in high school where he scored several touchdowns and threw for several more. It was a mockery of himself as it showed his pinnacle, his peak, was when he was 17. And the remaining 60 years of his life would be as a shoe salesman.
But while I was deadheading a car down to Florida and listening to a discussion Stefan Molyneux was having with an economist about Keynesianism, it dawned on me that Keynes and Keynesianism AND Keynesian economists have something very much in common with Al Bundy.
They can only point to ONE instances in history that gives them any validation.
In Al Bundy's case it was that mythical high school football game back in the (presumed) 70's.
And in the Keynesian's case it was that one big, blockbuster of a government stimulus - WWII.
However, like Al Bundy, Keynesians are equally pathetic.
They have never had a repeat. They have never had more than one instance or datapoint in their lives. They have only that ONE SAD PATHETIC thing to point to that grants them (only in their own minds and the minds of academians) a morsel of validation.
What I don't get is how the entire western world, which accounts for 75% of global GDP and presumably has the smartest people on the planet let such an unvalidated and pathetic economic model govern their government's fiscal and monetary policies.
I mean, can we give it up already with the Keynesian bullshit?
It worked ONCE. And every since then the economy has been growing slower, recessions have been taking longer to recover from, and (if there is any glaring empirical data or proof against Keynesianism) they still can't get it up with $17 trillion in deficit spending.
So I'm done. I'm done granting the Keynesians, the Krugmanuats, and the other idiots any credit or cache.
Your economic model doesn't work. It isn't working. And it never really did work. We've done it your way, especially with the past 6 years of Obama, and you still can't get the bleeping GDP to grow more than 2%, nor get unemployment below 7%.
Of course, deep down inside they know this. But then they'd have to admit they're not economists, but rather politicians and thieves, thinking they're being as clever as Hans Gruber posing as economists.
Unfortunately, you have some of those John McClane economists running around.