In respect to budget deficits, completely agree the pols stressing the next election and being reelected while not looking at the long term consequences of the accumulation of debt.The problem is that politicians do what they do out of their own best interest - not the country’s.
They rarely raise taxes (and when they do they usually try to limit the scope of the burden) and they virtually never cut spending.
Plus, when they do increase spending, do you think they do it where they can get the best multipliers…or do you think they do it to benefit their patrons and supporters?
Keynesian economics has failed us and put us in an untenable position because it relies on the control and influence of a small number of self-interested humans. If we had it done by an untouchable algorithm, maybe it would give us better results.
However, cannot blame Keynes for this as he did recommend running surpluses during upswings in the economy and deficits during recessions. Don't think he foresaw the gradual increase over the years (of what is now a large percentage of the federal budget) of mandatory spending (autopilot spending) versus discretionary spending. Keynes based his economic theory on the use of discretionary spending.