You do forget or skip over 12 long years of massive spending and borrowing in order to try and get the economy going. Spending and borrowing that, by any objective measure, achieved very little in economic terms.
When excessive debt is the problem, no amount of spending can cure it. The debt must be paid down or written off, most likely a combination of both.
Sadly your type of thinking is pervasive because it sounds so compelling. But while nobody in their right mind runs up a credit card thinking that this will somehow make them richer, there persists a widespread belief that borrowing and spending somehow makes a country better off. It doesn't, and it won't.
If anything positive is to come out of all of this, it might be the final discrediting of borrow and spend programs created in the name of Keynes. It will hopefully be the death of the widespread belief that you can borrow or tax your way to prosperity. Perhaps someone will come up with a kindergarten rhyme to teach children not to believe in free lunches.
When excessive debt is the problem, no amount of spending can cure it. The debt must be paid down or written off, most likely a combination of both.
Sadly your type of thinking is pervasive because it sounds so compelling. But while nobody in their right mind runs up a credit card thinking that this will somehow make them richer, there persists a widespread belief that borrowing and spending somehow makes a country better off. It doesn't, and it won't.
If anything positive is to come out of all of this, it might be the final discrediting of borrow and spend programs created in the name of Keynes. It will hopefully be the death of the widespread belief that you can borrow or tax your way to prosperity. Perhaps someone will come up with a kindergarten rhyme to teach children not to believe in free lunches.