The New York Times has published a long front-page article on the lower per barrel price of oil that has occurred during the last few months. Times writer Mr. Binyamin Appelbaum is nonplussed by the fact that he is not seeing an inverse upturn, or even a slight uptick, of our economy’s growth resulting from this lower oil cost. This is a puzzle to pundits who believe in Keynesian economic theory. Since the days of the New Deal, Keynesian economists have taken it as an axiom that more money in the hands of consumers means more demand, which in turn leads to an increase of production, and a surging bull economy. This theory has been the bulwark of socialist economics for over one hundred years. It is used to justify endless entitlement programs where the government borrows, prints money, and taxes people to plow into various programs which will enable people to increase their purchasing power. This “injection” into the macroeconomic wallets of the...(Read Full Article)