Bombs, Bridges and Jobs – NYTimes.com

31 Oct

Or, Why Republicans Prefer to Waste Money on Military spending over doing something constructive with government money.

A shrewd take on “weaponized Keynsianism” (Barney Frank’s phrase):

But why would anyone prefer spending on destruction to spending on construction, prefer building weapons to building bridges?

John Maynard Keynes himself offered a partial answer 75 years ago, when he noted a curious “preference for wholly ‘wasteful’ forms of loan expenditure rather than for partly wasteful forms, which, because they are not wholly wasteful, tend to be judged on strict ‘business’ principles.” Indeed. Spend money on some useful goal, like the promotion of new energy sources, and people start screaming, “Solyndra! Waste!” Spend money on a weapons system we don’t need, and those voices are silent, because nobody expects F-22s to be a good business proposition.

But there are also darker motives behind weaponized Keynesianism.

For one thing, to admit that public spending on useful projects can create jobs is to admit that such spending can in fact do good, that sometimes government is the solution, not the problem. Fear that voters might reach the same conclusion is, I’d argue, the main reason the right has always seen Keynesian economics as a leftist doctrine, when it’s actually nothing of the sort. However, spending on useless or, even better, destructive projects doesn’t present conservatives with the same problem.

 

via Bombs, Bridges and Jobs – NYTimes.com.

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