The extraordinary job loss figures in the US, and the contracting economy, are basically going to blow away all the fiddling around over whether tax revenues are going to go up or down. That kind of discussion only matters in a normal economy.   This economy is in a crisis: in a crisis the normal economic rules, clearing markets, etc., disappear. The whole point of Keynes, which has nothing to do with the details, is that an economic crisis wrecks the standard rules for a variety of reasons (including human behaviour, e.g. normal saving rates and so on falter).

Oh yes, and "economists of all persuasions" are not remotely convinced that increasing taxes on the rich cuts back on revenue. Certainly the opposite is wrong: that has been proved twice, both in the Reagan years and in the Bush years.   Way higher taxation rates on the rich in the 1950's seem to have done nothing to stall the economy.

yours,

Peter T.