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Majority of Americans reject Keynesian economics

By Andrew Moran     Feb 7, 2010 in Business
A recent survey suggests that only a small amount of Americans agree with Keynesian economics, which supports government increasing deficits during tough economic times, while more than half believe Keynes had it backwards.
During the 20th century, John Maynard Keynes influenced the economics scene with his book “The General Theory of Employment, Interest and Money” and attempted to dispel the Austrian school of economics.
A number of politicians have supported Keynesian economics, including former President Richard Nixon who once said, “We’re all Keynesians now.” Some believe Washington has continued Keynesian economics well into the 21st century and that alone has caused the current economic collapse of the United States economy.
However, Americans may not support the notions put forth by John Maynard Keynes. A new Rasmussen Reports national telephone survey suggests that only 11 per cent of Americans agree with the idea that the federal government needs to spend and increase the deficit during tough economic times, while 70 per cent disagree.
Furthermore, 56 per cent of respondents believe cutting the deficit during a recession is the best way to go, while 83 per cent say the size of the federal budget deficit is due to politicians who are not willing to cut government spending.
In general, all those respondents who identified themselves with a political party disagree with Keynesian economics. Nearly all Republican respondents dismissed Keynesian economics, while only 21 per cent of Democrats agreed with the economic school.
Scott Rasmussen, President of Rasmussen Reports, said, “These figures highlight a massive failure of leadership from both Republicans and Democrats among the nation’s political elite. Given the amount of political chatter about the budget in recent years, it is almost beyond comprehension that neither party has seen fit to highlight the basics so that the American people can make reasoned choices on the fundamental issues before them.”
More about Keynesian economics, John maynard keynes, Poll
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