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Paul Krugman:

If you’re a serious Keynesian, you’re for maintaining and even increasing spending when the economy is depressed, even though revenue has plunged; but you’re for fiscal restraint when the economy is booming, even though revenue has increased.

In other words, you want to (roughly) balance the budget over the course of an economic cycle, running a surplus during the expansionary phase and a deficit during the recessionary phase.

Obviously there are technical disputes about whether this is the right way to manage the macroeconomy. But in a way, it hardly matters. In the same way that real Christianity is simply too hard for mere mortals to practice (thus the need for a merciful God), so is hard Keynesianism. In the real world, you’re just never going to be able to persuade people to demonstrate the fiscal restraint that Keynesianism requires during boom times. And if, in the real world, Keynesianism is too difficult for human beings to practice during the 80% of the economic cycle taken up by expansion, then it’s not much good. Economics, after all, doesn’t feature a notably merciful God.

I don’t know if anyone has ever proposed a feasible way to overcome this problem.

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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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