So, George Irvin:
This is what economists call the \”Ricardian equivalence\” hypothesis, first proposed by David Ricardo in the early 19th century and popularised by Robert Barro and other members of the \”rational expectations\” school of economics which enjoyed brief credibility in the 1970s. Bluntly, there is little empirical support for this hypothesis.
This is one of the extraordinary achievements of the neoliberal era. It created the idea of “rational expectations” and so distorted true rationality in the process that they have persuaded people that voting against their best interest is the right thing to do.
Oh dearie me. They\’ve just given the Nobel for rational expectations.