Today’s Wrong, Would-be Keynesians

If John Maynard Keynes were around today,  he would  criticise, along with conservatives, the  way politicians employ so-called “keynesian economics”  as being his.

Lord Keynes wrote  his "General Theory of Employment, Interest, and Money" in 1936 and free-spending politicians took on his teachings as if they were gospel.

However,, despite his current fans who think basically differently,        
Keynes said the market system is "the best safeguard of the variety of life," preserving "the most secure and successful choices of former generations," This isn’t the thinking of present-day “keynesians.”

His work was meant for fast action as a jolt for the 1930’s  Great Depression. He had no aversion to tax cuts,  as do too many politicians today who call themselves keynesian. The latter primarily are interested in taxing the rich as a social issue.

Among conventional pump-priming ideas we attribute to Keynes, he also said real wages must fall to help cure unemployment. Can you imagine liberal labor unions allowing pay cuts?

Keynes also didn't approve of on-going budget deficits or continued inflation as a solution, of which today’s Keynesians approve. His remedy was specific for the 1930’s. When not in a Depression, governments should budget surpluses to make up for Depression-jolt deficits. 
 

Keynes today would be considered too conservative by those who use his name to further their political goals through economic action. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at twitter.)