Keynes was a very smart man with some important ideas. He was wrong about a few things though, for example the consumption function. He also had some humility, he knew that many problems are surrounded by uncertainty, and many problems require a delicate balance. So it scares me a little bit when people seize on simple answers and cite Keynes for authority.

In my view the most important factor for economic growth is an increase in labor saving devices. If we increase our debt in order to build high speed railroads and wind farms, this could pay off above and beyond our interest payments. If we go into debt for consumption, we are stupid.

I'm not so sanguine about national debt. We are currently paying 11% of taxes to service interest on the national debt, this percentage is about to skyrocket.