"Four Reasons Keynesians Keep Getting It Wrong."

Allan H. Meltzer in the WSJ:

First, big increases in spending and government deficits raise the prospect of future tax increases...

Second, most of the government spending programs redistribute income from workers to the unemployed....

Third, Keynesian models totally ignore the negative effects of the stream of costly new regulations that pour out of the Obama bureaucracy....

Fourth, U.S. fiscal and monetary policies are mainly directed at getting a near-term result....