From TPM:
… Across the spectrum, experts are imploring political leaders not to be myopic and unyielding: delay the budget cuts until the economic recovery really takes hold, but be ready with a more considered course of deficit reduction when that moment arrives.
Yet Barack Obama and Mitt Romney, and their surrogates on Capitol Hill, are locked in a fight over which candidate and which party will more quickly and effectively reduce the deficit — the opposite of what economists say we need …
At its root this is a debate between two Capitalist visions. Hayek vs. Keynes. Romney vs. Obama. The Republicans are Hayekians or free market Capitalists. The Democrats are Keynesian or monetary Capitalists. The Republicans believe that a laissez faire free market solves every problem. The Democrats believe that free markets need to be regulated and that adding money to the economy will stimulate it. The Democrats are more right than are the Republicans. But they’re both dead wrong. The Republicans and the Democrats (Capitalists) will continue to tweak Capitalism using Hayekian or Keynesian “fixes” to buy some time. But, in the not too distant future the Capitalist economic system in the US will collapse under its own weight. Are you prepared for that event?