The myth of the Keynesian recovery
The evidence in the national accounts clearly contradicts the widely held myth that the current economic expansion was sparked by an acceleration in consumer spending resulting from Federal budget deficits, in classic Keynesian style. Instead, the data distinctly portray a pattern of an investment-led economic recovery and expansion--indeed, they show the emergence of a capital goods boom in reaction to strong supply-side tax incentives to invest and accommodating monetary policy.
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