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California Keynesian Zombie

July 12, 2012

John Gerardi, student at Notre Dame Law School, wrote “California, the tax-and-spend zombie” for The Daily Caller, concluding:

Many conservatives have argued that the modern American debt crisis has shown the ineffectiveness of Keynesian economics; the problem is, though, that liberal free-spenders in California don’t even follow Keynes, really. Keynesian theory of a “managed economy” encourages (1) reduced spending and increased taxes during economic booms to pay down debt, and (2) increased spending with decreased taxes during slowdowns to spur economic recovery.

But in California, all we do is spend, spend, spend, and tax, tax, tax regardless of whether the economy is booming or busting. We’re not truly Keynesians in California, but rather some kind of half-Keynesian zombie, lumbering around with an insatiable desire for more and more money to waste.

Recall that Zombie Paul Krugman is Keynsesian, see also his article “Keynseophobia” and recall also that zombie economics is largely about this unresolved debates about the effectiveness of private sector and the needs for government spending.

Also recall the recent zombie economy rhetoric and the connection of Notre Dame to rhetorical usages of the Four Horsemen of the Apocalypse.


From → economics

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