The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas.
-John Maynard Keynes, from The General Theory of Employment, Interest and Money (1935)
Keynes was right about this- President Barack Obama and the Democrats in Congress distilled the wisdom of John Maynard Keynes and adopted his economic ideas, and the madness and recession and stagnation that resulted are all of their faults. In 2009 at the heart of the recession these fools passed a trillion dollar stimulus bill that was sold to the American people as a way to shorten the recession and return our nation back to prosperity quicker than if we did nothing. Those increased spending levels were afterwards locked in because Obama and the Democrats in Congress who supported him believed that taking away this spending would cause the fragile economy to suffer and lead to more joblessness. And they were wrong about all of their economic ideas and wrong to have voted so and voters were wrong to re-elect them.
The results of the data- the reality of the situation- is that the actions of these madmen in authority made the situation worse and increased joblessness and through their political actions have damaged the life, liberty, and property of millions of Americans. The results- the reality- of the stimulus bill and this Keynesian economic spending is that joblessness went higher and has stayed higher longer than if we would have done nothing at all, according to President Obama and the Democrat’s own analysis. Although President Obama would have you believe that his own analysis was so wrong because he was so incredibly incompetent, most economists at the time were very confident in those numbers and I would trust them over the later argument that Obama was so incredibly incompetent that the numbers were wrong.
The results of the data- and the reality of the situation- is that ideas and theories and beliefs upon which the new modern day Democratic Party are built are wrong, false, untrue, and madness. They are to be rejected and those who believe in them are to be rejected and those who teach them are to be rejected, and in their stead new ideas and theories and beliefs based on experience, history, science, data, reasoning, and faith are to be discussed, taught, and supported.
Graphically, the argument that I am making looks like this, adapted from a graph produced by the American Enterprise Institute in an article called To praise the February jobs report is to embrace the New Normal economy: