Karen, you beat me to the post! I read this piece, or at least read what I could before leaving it in disgust. Feldstein already has blamed the recession on falling housing prices, and concocted a scheme to inflate our way to prosperity. Now he also proposes building a bigger war machine as a way to help the economy.

Even though Keynesianism is discredited by sheer logic AND example after example in real-life, it is embraced by the political classes, who know that as long as they spread around the pork payroll, there will be enough acolytes to sing the praises of “stimulus.”