To the Editor,
U.S. Rep. David McKinley, R-Wheeling, is so wrong. Look at the squandering of the United States by members of Congress by shutting down our government. Most Democrats, like myself, believe in Keynesian theories and reject Say's Law. Most Republicans and all tea party members believe the classical theory of economics and accept Say's Law.
The Nobel laureate economist Paul Samuelson would call the present economy mixed, that is property is private but markets remain regulated, like the stock market. The Great Depression statesmen used John Maynard Keynes theory to bring the country out of the 1930s. When Franklin Delano Roosevelt met with Keynes on May 28, 1934, he found more mathematicians than economists.
Frances Perkins, Roosevelt's labor secretary, describes Keynesian theory like this: That each dollar spent on, say, relief by the government, creates at least four addition dollars in spending. The person who receives $1 in relief gives it to the grocer, who pays it to the wholesaler, who pays it to the farmer, who pays it to the supplier for supplies,
I enjoyed the Pell Grant when I went to the former Jefferson Technical College, so I would say Keynesian theory works.
So, the Affordable Care Act is part of the mixed economy. That will create spending by the government that will create new dollars. President Bill Clinton called it shared responsibility when he was in Wintersville last year.
Say's Law is the belief that markets produce enough goods without government and enough money to purchase them and that markets should go unregulated. History would suggest the average person is better off when the government gets involved.