{"id":5877,"date":"2012-10-29T00:20:16","date_gmt":"2012-10-29T04:20:16","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5877"},"modified":"2012-10-29T00:20:16","modified_gmt":"2012-10-29T04:20:16","slug":"the-keynesian-path-to-fiscal-irresponsibility-dwight-r-lee","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/29\/the-keynesian-path-to-fiscal-irresponsibility-dwight-r-lee\/","title":{"rendered":"The Keynesian Path to Fiscal Irresponsibility &#124; Dwight R. Lee"},"content":{"rendered":"<p>With the ideological shift, supported by the intellectual acceptance of Keynes\u2019s General Theory, politicians found themselves with an excuse to do what most had always wanted to do &#8212; take more money from the general public and transfer it to favored groups (or voting blocs). The benefits are invariably less than the costs, but they are visible, readily appreciated, and easily credited to politicians. Predictably, beginning in the 1930s federal spending began increasing as a share of GDP. It was about 4 percent of GDP in 1930, increased during the Great Depression and spiked to a historical high of about 47 percent during World War II. The federal government share of GDP then dropped to about 13 percent in 1948, reached a bumpy plateau in the early 1960s at slightly below to slightly above 20 percent that lasted for over 40 years, and then escalated rapidly in late 2008 to an estimated 25 percent in 2011&#8230;&#8230;<\/p>\n<p><a href=\"http:\/\/www.cato.org\/pubs\/journal\/cj32n3\/v32n3-2.pdf\">The Keynesian Path to Fiscal Irresponsibility | Dwight R. Lee (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the ideological shift, supported by the intellectual acceptance of Keynes\u2019s General Theory, politicians found themselves with an excuse to do what most had always wanted to do &#8212; take more money from the general public and transfer it to favored groups (or voting blocs). The benefits are invariably less than the costs, but they &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/29\/the-keynesian-path-to-fiscal-irresponsibility-dwight-r-lee\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Keynesian Path to Fiscal Irresponsibility &#124; Dwight R. Lee&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,34],"tags":[1361,2024],"class_list":["post-5877","post","type-post","status-publish","format-standard","hentry","category-economy","category-us-canada-countries-regions","tag-federal-spending","tag-keyness-general-theory"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Keynesian Path to Fiscal Irresponsibility &#124; Dwight R. Lee - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Keynesian Path to Fiscal Irresponsibility &#124; Dwight R. Lee - the patient investor\" \/>\n<meta property=\"og:description\" content=\"With the ideological shift, supported by the intellectual acceptance of Keynes\u2019s General Theory, politicians found themselves with an excuse to do what most had always wanted to do &#8212; take more money from the general public and transfer it to favored groups (or voting blocs). The benefits are invariably less than the costs, but they &hellip; Continue reading &quot;The Keynesian Path to Fiscal Irresponsibility &#124; Dwight R. Lee&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/29\/the-keynesian-path-to-fiscal-irresponsibility-dwight-r-lee\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-10-29T04:20:16+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/29\/the-keynesian-path-to-fiscal-irresponsibility-dwight-r-lee\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/29\/the-keynesian-path-to-fiscal-irresponsibility-dwight-r-lee\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"The Keynesian Path to Fiscal Irresponsibility &#124; Dwight R. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.\",\"sameAs\":[\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\",\"https:\/\/www.instagram.com\/colin_thepatientinvestor\",\"https:\/\/au.linkedin.com\/in\/colintwiggs\"],\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Keynesian Path to Fiscal Irresponsibility &#124; Dwight R. 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Lee\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/29\/the-keynesian-path-to-fiscal-irresponsibility-dwight-r-lee\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_author":"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","article_published_time":"2012-10-29T04:20:16+00:00","author":"Colin Twiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Colin Twiggs","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/29\/the-keynesian-path-to-fiscal-irresponsibility-dwight-r-lee\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/29\/the-keynesian-path-to-fiscal-irresponsibility-dwight-r-lee\/"},"author":{"name":"Colin Twiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454"},"headline":"The Keynesian Path to Fiscal Irresponsibility &#124; Dwight R. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-1wN","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":6387,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/07\/clintons-spending-cuts-not-his-tax-hikes-worked\/","url_meta":{"origin":5877,"position":0},"title":"Clinton\u2019s Spending Cuts\u2014Not His Tax Hikes\u2014Worked","author":"Colin Twiggs","date":"December 7, 2012","format":false,"excerpt":"EDWARD MORRISSEY writes about Clinton-era nostalgia: In his eight years as President, Clinton reduced federal spending to 18.2 percent of GDP from 22.1 percent, thanks in large part to a Republican-controlled Congress that forced the issue....... Barack Obama managed to hike it 3.5 points in just one term, with 3.2\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23764,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/01\/20\/us-federal-debt-dilemma\/","url_meta":{"origin":5877,"position":1},"title":"US federal debt dilemma","author":"Colin Twiggs","date":"January 20, 2021","format":false,"excerpt":"Paul Krugman has a simple solution to the US federal debt: We have been pointing out for while that the US Treasury is unlikely to ever repay the federal debt and instead will rely on inflation to lift GDP (and tax revenues). Krugman overlooks one significant problem, however. Federal debt\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7100,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/20\/unintended-consequences-rewarding-failure\/","url_meta":{"origin":5877,"position":2},"title":"Unintended consequences: Rewarding failure","author":"ColinTwiggs","date":"March 20, 2013","format":false,"excerpt":"Robert Shiller summarizes the arguments for raising taxes and increasing government spending at Project Syndicate: ......while that [austerity] approach to debt works well for a single household in trouble, it does not work well for an entire economy, for the spending cuts only worsen the problem. This is the paradox\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2295,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/economonitor-economonitor-solving-americas-debt-crisis\/","url_meta":{"origin":5877,"position":3},"title":"Menzie Chinn \u00bb \u201cSolving America\u2019s Debt Crisis\u201d","author":"ColinTwiggs","date":"November 23, 2011","format":false,"excerpt":"In principle, solving the nation\u2019s debt problems is easy. Almost all experts agree that a combination of reduced spending and increased tax revenues is needed. Cuts in spending and increases in tax revenues equal to about 5 percent of GDP are required to prevent an increase in the debt-to-GDP ratio.\u2026","rel":"","context":"In &quot;US &amp; Canada&quot;","block_context":{"text":"US &amp; Canada","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/us-canada-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26449,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/06\/22\/treasury-yields-and-inflation\/","url_meta":{"origin":5877,"position":4},"title":"Treasury yields and inflation","author":"Colin Twiggs","date":"June 22, 2021","format":false,"excerpt":"10-Year Treasury yields respected support at the lower channel of their large flag pattern from the past 3 months. The pattern is normally bullish and breakout above 1.65% would signal another advance, with a target of 2.40%1. Bank Credit declined by $320 billion over the past 9 months (Q2 '20\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42375,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/06\/02\/senate-approves-debt-ceiling-increase\/","url_meta":{"origin":5877,"position":5},"title":"Senate approves debt ceiling increase","author":"Colin Twiggs","date":"June 2, 2023","format":false,"excerpt":"The Senate passed the Biden-McCarthy debt ceiling compromise bill which will now go to the President for signature. It's ironic to see grandstanding by members of the House who would not support McCarty's efforts to find a bipartisan solution to the debt-ceiling impasse. They need to be reminded that Congress\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Senate Passes Debt Ceiling","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-01-debtceiling.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-01-debtceiling.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-01-debtceiling.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5877"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5877\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}