Crowing out was a term I became familiar with in the 80-81 recession where Paul Volcker saved the future. The tenet is that government spending crowds out private spending. In other words, there are only so many dollars in the world and when the government spends them, they are not there for private enterprise to spend.
It's a simple concept and almost intuitively true. It also doesn't matter if we're talking about dollars taxed today or dollars borrowed against the future. There is a finite pool of capital (current or borrowed against the future) and private enterprise gets the leftovers.
Now, here's evidence that this is also a short-term phenomenon. If other research backs this up, this pretty-much blows Keynesianism out of the water.
The entire study is here.
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