Here’s Fareed Zakaria’s take on the case that the president has been making, I guess since 2009:
Obama has been making the case that the U.S. economy needs investment — in infrastructure, education, training, basic sciences and technologies of the future. Those investments, in the president’s telling, have been the key drivers of American growth and have enabled people to build businesses, create jobs and invent the future.
and, presumably, that investment must come from the federal government or federal government. How else to interpret it? Where has the emphasis been? On investment via federal works program and grant or on incentives to encourage private parties to do the investing?
From government as the employer of last resort to government as consumer of last resort and now to government as investor of last resort. I honestly don’t believe that John Maynard Keynes would recognize what’s being perpetrated in his name.