The basic issue here is whether or not to spend more money to get us out of this recession. Although Obama had a massive bailout of the economy, our taxes have not raised. In fact, they have decreased in some areas. According to this article, our taxes have not increased any since Truman was in office. Even though these tax cuts are being given right now, we will have to make up for the cuts in the future.
Since Keynesian economics suggests that government spending is needed in order to jump start the economy, this is exactly what Obama did with the stimulus package. Since consumers don't have the money to spend, the government will spend it for them. Although the government should intervene when the economy is failing, they should step back when the economy is strong again. When they step back though, they should keep a watchful eye so our current recession won't happen again. They should regulate banks and big corporations so that these greedy people won't mess up the economy again.
Our responsibility as taxpayers is to pay our taxes, but still keep an eye on our own government. People need to know that we HAVE to pay taxes in order to keep the country. In hard times, taxes may need to increase to help the country out. In times of prosperity, tax cuts will be a great Overall, something needs to be done to help the country out.
I think that the government definitely needs to step in when our economy is failing. Keynesian Economics seems like a valid theory, since it makes the government spend money to make up for the consumers that no longer are spending it. Although people may not like having the government interfere with our lives, it is the only option to make sure that our country stay son the right track.
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