To John Maynard Keynes (1883 - 1946)

The Theory

When the economy is sluggish and slow

Because aggregate demand is too low

John Maynard Keynes

Clearly explains

How deficit spending makes it grow.

Modern Economic doctrine

Fiscal stimulus is just so passé

Fiscal restraint is the mantra today

The austerity reign 

Is causing more pain

The malaise just won’t go away.

... and Keynes' response to critics who said that in the long run his policies would lead to debt and disaster: "In the long run we are all dead."

Keynes has lost his street cred

We no longer heed what he said

In the short run

Fiscal hawks won

In the long run - Keynes is still dead.