→ A Refresher on What is Wrong with Keynesian Economics

Those who heaped high praise on Keynesian policies have grown silent as government spending has failed to bring an economic recovery. Except for a few diehards who want still more government spending, and those who make the unverifiable claim that the economy would have collapsed without it, most now recognize that more than a trillion dollars of spending by the Bush and Obama administrations has left the economy in a slump and unemployment hovering above 9%. (emphais mine)

A good article to revisit during the election season. It points out a number of problems with Keynesian economic theory, such as:

First, big increases in spending and government deficits raise the prospect of future tax increases.

and

Second, most of the government spending programs redistribute income from workers to the unemployed.

Those are only the first two.