Arrowsmith was an economics professor at the City College of New York. After he left that position, he worked for many years as a business economist for a multinational oil company, where, like most corporate economists, he used a macroeconomic framework essentially based on Keynes. -Jeff

Whatever can explain the rise of mass hysteria over the U.S. national debt and federal deficits? To be sure, debt/deficit issues give the Administration’s political opponents a grand weapon in the gladiatorial contest that constitutes the nation’s public politics, but the issue only works because of a virulent public antipathy to serious macroeconomic analysis that has developed over the past four decades. In 1971, President Nixon announced “now I am a Keynesian,” but by 2011, President Obama (in his State of the Union address) said “Every day, families have to live within their means. They deserve a government that will do the same.”

In this environment, as the U.S. continues to suffer from massive unemployment of labor and underutilization of physical and intellectual capital, political survival almost requires economic policy-makers to pay obeisance to the most primitive anti-Keynesian economic theology.

The proverbial Martian certainly would not anticipate such widespread disdain for serious macroeconomics from the overall educational endowment of the American population. By historical standards, the U.S. population is highly educated, with over 40 percent of the labor force having completed tertiary education as of the end of the last decade and annual four-year college graduations reaching 1.6 million. While only about 3-5 percent of U.S. undergraduates major in economics, a far larger proportion experience some exposure to economics. Although data are far from perfect, the best estimates suggest that half undergo a one-semester introductory course and as many as one third of the total cohort take a two-semester sequence. At first blush, even with the most cynical view of the seriousness of students or their instructors, this suggests that a substantial part of the electorate might be expected to have assimilated central theoretical concepts such as the intrinsic difference between the national economy and the individual household and the potential use . . .

Read more: It’s the Economy, Stupid: But Why So Stupid?