New at Reason: Survey Says: Keynes Is Dead

November 8, 2011

In 2008 Americans could not get enough of John Maynard Keynes. As the economy tanked, the long-dead 20th-century British economist emerged as one of the most popular men in recession- haunted Washington. Keynesian stimulus spending—massive infusions of cash from the federal government for infrastructure programs, weatherizing, green energy, education, and anything else that came to mind—was going to prevent job losses and get the economy working again.

Yet three years after the financial crisis, four decades after Richard Nixon and Milton Friedman made the phrase “We are all Keynesians now” part of the popular lexicon, and more than half a century after Keynes died, a national Reason-Rupe public opinion survey has found that Americans are now firmly rejecting Washington’s favorite economist. In polling conducted in August, a majority of Americans—more than 57 percent—say reducing government spending will “mostly help” the economy. Just one in five believes cutting spending will “mostly harm” the economy.

View this article.