Robert Skidelsky writes that there will be benefits to Trump’s approach.
Prof. Skidelsky says: “Trump has… promised an $800 billion-$1 trillion program of infrastructure investment, to be financed by bonds, as well as a massive corporate-tax cut, both aimed at creating 25 million new jobs and boosting growth. This, together with a pledge to maintain welfare entitlements, amounts to a modern form of Keynesian fiscal policy (though of course not identified as such). Its merit is its head-on challenge to the neoliberal obsession with deficits and debt reduction, and to reliance on quantitative easing as the sole – and now exhausted – demand-management tool.”
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