Great?
“America is great when its people are fully employed, when wages sustain a decent life, and when investment secures the future. Greatness is not a boast—it is a balance, maintained daily, between demand, confidence, and opportunity.” Keynes would likely answer
"Achieving greatness is not money, wealth, power today, but the world where are grandchildren can prosper, create, enjoy, love and grow"
| Dimension | What Keynes Would Measure | Why It Matters | Keynesian Rating (1–5) |
|---|---|---|---|
| Employment | Unemployment rate, labor force participation, underemployment | Full employment was Keynes’s central goal—idle workers mean wasted potential. | 4 – Unemployment is historically low, though some underemployment and labor force gaps remain. |
| Wages & Living Standards | Real wage growth, purchasing power, cost of living | Prosperity must be broadly shared; stagnant wages undermine demand. | 3 – Wages have risen, but inflation has eroded purchasing power for many households. |
| Aggregate Demand | Household consumption, business investment, government spending | Demand drives output; weak demand risks recession. | 4 – Consumer spending is strong, though debt reliance raises sustainability concerns. |
| Public Investment | Infrastructure, education, R&D, green transition | Government spending secures long-term growth. | 3 – Infrastructure bills passed, but Keynes would push for even more ambitious investment. |
| Inequality | Income and wealth distribution, Gini coefficient | Extreme inequality depresses demand and destabilizes society. | 2 – Wealth concentration remains very high; Keynes would see this as a drag on demand and an ethical concern |
| Financial Stability | Credit availability, debt levels, banking resilience | Keynes worried about speculative bubbles and “animal spirits.” | 3 – Banking system is stable, but high corporate and household debt pose risks. |
| Global Role | Trade balance, international cooperation, currency stability | Keynes valued global stability and cooperation. | 3 – Dollar remains dominant, but trade tensions and retreat from multilateralism weaken the score. |
If employment is high, wages are rising, and demand is strong, he’d say America is on the right track.
If inequality is widening, demand is fragile, or public investment is lagging, he’d warn that “greatness” is unsustainable.
He’d remind us that economies are never permanently “great”—they require constant adjustment through policy.
Comments