"We Are Witnessing The Total Failure Of Academic Keynesian Economics"

Glenn Reynolds has posted a link to Michael Walsh's New York Post article on the Obama administration's abysmal economic policies and unbending faith in Keynesian economics. Keynesian theories were suspect from their very beginning in the late 1930s. The results of industrial nationalization, the consolidation of government control, and increasing government spending-all Keynesian concepts-did not create sustainable economies in Europe over the last fifty years. In the United State from 1981-89, Ronald Reagan's economic policies essentially drove a stake through the heart of Keynesian theory, but it remains alive in the mind of Barack Obama a generation later.

This is a brief and notable appraisal of our current situation. Obama's response in filling vacancies in his economic leadership will quickly tell us if he has learned anything over the past thirty months.