Robert Smith said "The Keynesian economic theory is exactly what you have identified, and that is simply that in a downturn, the idea is to pump money into the economy. That is what we have been following, that philosophy, since 1930. There is no question about that. However, the Kyl amendment does not deny that you should not follow the Keynesian socialistic idea of managing the economy. It only demands that it be provided a 60-percent vote to do so. So it doesn't chop off the opportunity. By the way, since the gentleman mentioned Keynes, it seems to me that Keynes is the problem we are trying to solve. Keynes and the economic theory of Keynes, which has been followed in this country, has brought us to a $4.5 trillion debt. That is what we are trying to solve with the balanced budget amendment." @ PoliticalQuotes.com

On the recordMarch 16, 1994

The Keynesian economic theory is exactly what you have identified, and that is simply that in a downturn, the idea is to pump money into the economy. That is what we have been following, that philosophy, since 1930. There is no question about that. However, the Kyl amendment does not deny that you should not follow the Keynesian socialistic idea of managing the economy. It only demands that it be provided a 60-percent vote to do so. So it doesn't chop off the opportunity. By the way, since the gentleman mentioned Keynes, it seems to me that Keynes is the problem we are trying to solve. Keynes and the economic theory of Keynes, which has been followed in this country, has brought us to a $4.5 trillion debt. That is what we are trying to solve with the balanced budget amendment.

Said by

Robert Smith

Oregon

Source

govinfo.gov

Editor's note · Context

Debating the Kyl amendment and its implications on Keynesian economic theory.

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