Alternative Visions – Biden Capitulates on Infrastructure + Part 2: Keynes’ Economics vs. ‘Keynesian’

Dr. Rasmus begins today’s show with an analysis of Biden’s capitulation to McConnell and Republicans yesterday, in which he accepts their proposal for $579B spending on infrastructure instead of his original $2.3T (reduced in steps in recent weeks to $1.7T and then $1.1T). Gone are proposals for spending on child care, elderly, climate, and other non-corporate proposals in Biden’s original bill. Rasmus explains why this ‘deal’ was engineered from the beginning, ultimately in order to ensure Biden’s proposed tax hikes on the wealthy and investors was not necessary. The corporate wing of the Democrat party (with Manchin running ‘point’ as cover for Biden) always wanted this smaller bill. Bipartisanship was the key word always signaling it. Democrat party ‘spin’ to sell the deal now. Why ‘follow on’ bills to restore the cuts are DOA. In second half of the show Dr. Rasmus continues explaining why ‘Keynes’ Economics’ is not Keynesian, and how the latter expunged elements of Keynes’ analysis it found too radical—including critique of financial speculation, capitalist trends toward income inequality and rising unemployment, and why ‘trickle down’ (Keynesian) economics would not work. (For more on Infrastructure deal check out Dr. Rasmus’ blog articles at http://jackrasmus.com).



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