No, that’s true. He proposed surpluses that were supposed to be countercyclical to deficits. Surpluses in good times; deficits in bad times. The trouble is that we have only one side of that equation because of the lack of political will to create the surpluses when times are good. So what we really ought to do is admit that Keynesian economics is just an excuse for easy money, overspending, and overconsuming. We ought to just admit that the government is a debt junkie and the whole concept of deficit spending is flawed in practice.
