Keynesian beliefs qualify as perfect examples of the term “cognitive dissonance”.
Over at The Atlantic, Matthew O’Brien writes:
Income inequality is making us sick…Well, it’s not making all of us sick. Only the poorest of us.
The basic idea is that people struggling to make it paycheck-to-paycheck (or benefits-to-benefits) might run out of money at the end of the month—and have to cut back on food.
The proposed solutions by O’Brien are typical:
We can do better. We could start by paying out welfare, food stamps, and Social Security twice a month, instead of just at the beginning…
Maybe giving poorer people more cold, hard cash would let them afford more food at the end of the month…That’s a cure we can afford.
Here’s where the cognitive dissonance comes in. As O’Brien’s heart (and everyone else’s money) goes out to the poor, this same person will turn around and champion a central bank that literally grinds the poor further into the dirt. In other words, if you read O’Brien long enough, you’ll notice he’s always pushing for the Fed to print more…more…more!
Even when the so-called “taper” was announced, O’Brien was scheming on how the Fed could still increase monetary stimulus nevertheless:
In other words, the Fed doesn’t need to figure out how to keep monetary stimulus constant even as it tapers. It needs to figure out how to increase monetary stimulus even as it tapers…
The printing of the Fed punishes everyone, by incessantly stealing away the purchasing power of our money. However, the poor are hit the hardest! What little they have still gets the pickpocket treatment of the Fed.
The best thing that can happen to the poor, is for Keynesian ideas (which are running on fumes) to finally reach the end of their rope.
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