Even Keynes Would've Rolled Over In His Grave
Carnegie-Mellon economist Allan Meltzer weighs in on how the Obama administration is neglecting a key part of Keynes' plan -- that you can't run up a debt without a way to cover it. An excerpt from his conversation with CNN's Shawn Tully:

If Keynes were alive today, what would he think of President Obama's fiscal policies?

He would roll over in his grave if he could see the things being done in his name. Keynes was opposed to large structural deficits. He thought that they chilled rather than stimulated the economy. It's true that we're stuck with large deficits now. The goal should be to reduce them, not to take on new spending that makes them worse.

Today, deficits are getting bigger and bigger with no plan to significantly lower them. Keynes understood what the current administration doesn't understand that the proper policy in a democracy recognizes that today's increase in debt must be paid in the future.

We paid down wartime deficits. Now we have continuous deficits. We used to have a rule people believed in, balanced budgets. And now that's gone.