Most people – bankers and many “experts” excepted – are instinctive Keynesians, even if they have never heard of John Maynard Keynes. At some level, they understand what Keynes called the “paradox of thrift”: if households and firms are forced to reduce their expenses, and the government simultaneously cuts spending, unemployment will rise, because one person’s spending is another’s income, and the outcome will be less spending and less income all around.