Obama's two year extension of the Bush tax cuts and more stimulus to the economy is classic Keynesian. More debt to the economy to the tune of $750b over two years with the continuation of the tax cuts. European nations are implementing austerity measures to reduce debt/deficit by increasing taxes and cutting public sector spending.
The good old USA is doing the exact opposite to Europe and injects more debt with extension of Bush tax cuts to drive consumer spending. The exact opposite to the European austerity slash public spending and increased taxes.
Obama's decision to extend tax cuts and Ben Bernanke's decision to implement more Quantitative Easing are either going to work or fail miserably. Let's hope for the US/World economy sake that Obama and Bernanke's policy decisions are going to kick start the American economy towards a full economic recovery.
Bush was a big deficit spending and tax cutting Keynesian. Obama is just like Bush another Keynesian.
