Durbin: Debt Deal Will Be The Death Of Keynesian Economics

The Huffington Post reports:

The Republicans are killing Keynesian economics with their attempt to cut spending as the economy rebounds from a recession, Senate Majority Whip Dick Durbin (D-Ill.) said in a floor speech on Sunday.

"I would say ... that symbolically, that agreement is moving us to the point where we are having the final interment of John Maynard Keynes," he said, referring to the British economist. "He normally died in 1946 but it appears we are going to put him to his final rest with this agreement."

For a better understanding of why the government can't manage the business cycle. Question for Dick Durbin: when does the government ever feel pressured to cut government spending during the boom phase of the business cycle??