Word: keynesians
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Keynes, who held that deficit spending could pump up a slack economy. Johnson later balked at the pleas of his Keynesian advisers to pay for the Viet Nam War with higher taxes in order to keep the economy from overheating and pushing up prices. Nonetheless, so prestigious had Keynes' views become that even Republican President Nixon could declare in 1971, "I am now a Keynesian...
Under the influence of economists like Galbraith and Paul Samuelson '38, Kennedy, who was an "economic illiterate," came to accept and advocate Keynesian ideas of deficit spending and increased government control of the economy. In a contentious dispute with the steel industry in 1962, Kennedy come to the conclusion that businessmen were "sons of Bitches" and that he was going to implement Keynesian tax policies, which he figured would stimulate growth, "whether or not business thought it was good...
With America revelling in the wanton machismo of Grenada and pseudo-Keynesian recovery, the political climate is perfect for Reagan retirement...
...trim the size of Government. Instead, his Administration ran up a fiscal 1983 deficit of $195.4 billion, which is more than the entire budget was less than 15 years ago. But the President was too pleased with the results to worry much about whether his policies were considered Keynesian, monetarist, supply side or all of the above. Said Reagan in an October speech: "You know that the best clue that our program is working is our critics don't call it Reaganomics any more...
...Keynesian economics, first articulated in the late 1930s, also earned its intellectual stamp of approval in Harvard seminar rooms. Forty-five years ago, a clique of young intellectuals, somewhat to the chagrin of the economics department, became the first Americans to teach the radical new subject. Within a decade many of the same men found themselves in heavy demand, as Washington espoused a then-unheard of degree of government intervention in the economy...