Back in 1976, then Labour Prime Minister Jim Callaghan told his own party conference: "We used to think you could spend your way out of recession … I tell you now in all candour that option no longer exists … In so far as it ever existed, it worked only to inject larger doses of inflation into the economy, followed by higher unemployment as the next step".
http://www.telegraph.co.uk/finance/comment/liamhalligan/6142648/Stop-using-Keynes-name-to-justify-wild-fiscal-experiments.html
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