Reality Check: The Great Economic Debate, Keynes vs. Hayek - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

Reality Check: The Great Economic Debate, Keynes vs. Hayek

(FOX19) - There is a brand new fight brewing in the Congressional super-committee.

Talks over how to cut the budget have stalled. Republicans and Democrats are blaming each other.

At the center of the latest debate, whether or not to approve a new stimulus package like the President's $447 billion dollar jobs bill.

The President still insists that more spending is the only way to get this economy moving again.

But did you know the debate of government spending is nothing new?  In fact, our current debate is the exact same one economists have been having since the Great Depression.

The two schools of economic thought we are fighting over in this country today is a debate between what are called Hayekian economics and Keynesian economics.  

Watch for the Reality Check.

Copyright 2011 FOX19. All Rights Reserved.

  • FOX19 HeadlinesMore>>

  • Budget battle brews as Trump threatens another shutdown

    Budget battle brews as Trump threatens another shutdown

    Sunday, May 27 2018 8:04 AM EDT2018-05-27 12:04:06 GMT
    Sunday, May 27 2018 10:05 AM EDT2018-05-27 14:05:17 GMT
    (AP Photo/J. Scott Applewhite, File). FILE - In this March 30, 2017, file photo, the Capitol Dome is seen at dawn in Washington. The Senate has kicked off its annual attempt to pass government funding bills. Success is hardly assured, but President Don...(AP Photo/J. Scott Applewhite, File). FILE - In this March 30, 2017, file photo, the Capitol Dome is seen at dawn in Washington. The Senate has kicked off its annual attempt to pass government funding bills. Success is hardly assured, but President Don...

    President Donald Trump has warned Congress that he'll never sign another trillion dollar plus government-wide spending bill like the one he did in March.

    Full Story >

    President Donald Trump has warned Congress that he'll never sign another trillion dollar plus government-wide spending bill like the one he did in March.

    Full Story >
  • US Gulf Coast braces for impact as Alberto approaches

    US Gulf Coast braces for impact as Alberto approaches

    Saturday, May 26 2018 11:23 PM EDT2018-05-27 03:23:47 GMT
    Sunday, May 27 2018 10:04 AM EDT2018-05-27 14:04:49 GMT
    (AP Photo/Rogelio V. Solis). Tommy Whitlock, left, places a filled sand bag onto his trailer at a Harrison County Road Department sand bag location, as his friend Joseph Buckner adjusts the load while preparing for Subtropical Storm Alberto to make its...(AP Photo/Rogelio V. Solis). Tommy Whitlock, left, places a filled sand bag onto his trailer at a Harrison County Road Department sand bag location, as his friend Joseph Buckner adjusts the load while preparing for Subtropical Storm Alberto to make its...

    The governors of Florida, Alabama and Mississippi all declared states of emergency ahead of the storm.

    Full Story >

    The governors of Florida, Alabama and Mississippi all declared states of emergency ahead of the storm.

    Full Story >
  • The Latest: Spain rescues 366 migrants in Mediterranean

    The Latest: Spain rescues 366 migrants in Mediterranean

    Sunday, May 27 2018 6:53 AM EDT2018-05-27 10:53:54 GMT
    Sunday, May 27 2018 10:04 AM EDT2018-05-27 14:04:03 GMT

    Spain's maritime rescue service says it has rescued 366 migrants attempting the dangerous crossing of the Mediterranean Sea this weekend.

    Full Story >

    Spain's maritime rescue service says it has rescued 366 migrants attempting the dangerous crossing of the Mediterranean Sea this weekend.

    Full Story >
Powered by Frankly