Glenn Beaton’s column Sunday — “Are we all chavinstas now?”, The Aspen Times — raises an interesting question regarding the dichotomy between liberals and conservatives as regards to the economy.
As is always the case, Beaton makes his arguments for the conservative cause. In this case he picks the perfect target: Venezuela. Venezuela pushed socialistic approaches to the economy from the time Hugo Chavez was inaugurated in 1999. However, in recent years, I would argue the experiment of socialism has been replaced by a kleptocracy.
It is the beginning of his column, though, that I find hysterical. Summarizing the simplistic view of Keynes he writes, “Lower taxes, higher government spending and lower interest rates stimulate the economy, at least for a while.” I think he sees this as the liberal approach to the economy.
So let me ask a couple of questions.
Which Congress passed the largest unfunded tax cut in American history? The answer is, of course, the Republican Congress that was soundly defeated in November.
Which Congress passed a budget with the largest deficit in American history? The answer is the same.
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As a good Keynesian economist (with a PhD from the other university in Cambridge, Massachusetts), I deplore the ignorant ad hominem directed at Keynes by those hypocrites like Beaton who assert their beliefs in conservative values but fail to practice them.
Philip Verleger
Denver