Clintonism, Monicagate and the budget

curtiss_leung at ibi.com curtiss_leung at ibi.com
Wed Feb 10 10:24:43 PST 1999


I asked:

>> Exactly how would a debt paydown slow/shrink growth?

and Doug answered:

> Because it's fiscally contractionary, sucking up purchasing power -

> if you believe in Keynesianism - making growth slower that it would

> otherwise be. Keynes has a passage in the Treatise fantasizing about

> a lovely paradise that's spoiled by a thrift program.

Does Keynes's paradise have anything to do with Mandeville's _Fable of

the Bees_? I'm asking because a position like Mandeville's might

provide some help for those despairing of hair-shirt leftism. Any

vanguard party that would promote economic vigor through consumption,

lax morals, and tolerance would be one I'd join...

--

Curtiss



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