I know many of us would like to forget the 1970s, but ?

Michael Crowley of TIME takes decadal ignorance to the extreme when he writes the following:

Even a recent Goldman Sachs analysis recommended that policymakers consider more stimulus spending.

But Obama and his advisers know their hands are tied. Polls show that voters either don?t understand ? or don?t buy the long-established economic theory of John Maynard Keynes, which calls for more government spending (even if it means running up deficits) to help the economy through hard times. (Emphasis added.)

Had this been written in the early 1970s, when Keynes? ideas had held sway for decades, Crowley?s assessment would have been unremarkable.

But the combination of high inflation and high unemployment of the 1970s disproved Keynes? primary pump-priming stimulus arguments, and his theory has been ?disestablished? for about as long as it was ?established.?

Roy Cordato discussed the problems with Keynesian economics during a 2009 Carolina Journal Radio interview.