Americans Reject Keynesian Theory of Economics

The worlds greatest pollster, Scott Rasmussen, once again has his finger on the pulse of the American people. And, once again, the American people got it right (no pun intended, and not withstanding the results of the last presidential election).

As yours truly told you, our loyal readers, about a year ago today, the Von Hayek theory of macroeconomics has, in fact, proven over time to be the superior theory--especially when compared to the Keynesian model.

If you want to read Scott's article in its entirety, i link to it above in the first paragraph. Some key stats from his piece:

* 59% think Keynes had it backwards and that increasing the deficit at this time would hurt the economy rather than help. (Editorial: Scott's pool of folks he polled must have been in a college-level econ class because I'd be surprised if 20% of Americans even knew what the hell the Keynesian theory of macroeconomics is, much less be able to pass judgment on it).

* To help the economy, most Americans (56%) believe that cutting the deficit is the way to go.

If you want to read a more nuanced, slightly more insightful comparasion of the issue, I linked to the post where I discussed this very same subject last year. Just call me Carnac...the Steak (instead of the Great??!?!?! no??!!).

Anyway...the American people get it...why don't many of our elected officials??

--GOTSOO