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As someone who studied economics at the graduate level, I was under the impression that the Keynesian model was discredited decades ago.



It was only discredited in so much as it was misapplied. Keynesian deficit spending is the nuclear option to be used only when a sudden contraction in the money supply occurs, and threatens to cause a deflationary spiral. There hasn't been a proper case for it from the 1930s until now.

If, as some countries' governments have in the past, Keynesian spending is applied to a more ordinary recession scenario, it's just a recipe for high inflation and government debt. On the other hand, treating a major monetary contraction like just another cyclical recession would be an even more disasterous mistake.

I do believe now is the time for some Keynesian spending, but for it to work properly the money has to be put to productive use, and I'm not confident in the ability of lefty governments to do that.
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