Keynesian economics can certainly work to help end something like a recession or depression (and we can see that when FDR tried to pull back on those ideas unemployment jumped back up again).
My beef with it is that it doesn't seem to be a sustainable system in the long term just like the previous system also had issues. We didn't have a great depression in 2008 (a very nasty recession instead), but the quantitative easing then and during Covid is driving inflation wild. The official numbers are generally fine, but they don't include all sorts of items that have gone up an incredible amount and are thus misleading. I'm sure some of it is corporate greed or standard supply/demand (e.g. a wood manufacturing plant going offline making construction material costs soar), but a lot seems to be because of the insanely high printing of money that has to be carried out in order to inflate away the massive runaway national debt.
So the Keynesian toolbox that can be used to get us out of something like a depression also is ultimately our downfall in the long run as our leaders can't or won't use it responsibly.
There's a blip now because of the pandemic policies - hand people a bunch of cash to sit at home which means less goods made, let them out again where they can spend it - prices go up. I'm not sure that's Keynes fault - he never had a covid policy.
My beef with it is that it doesn't seem to be a sustainable system in the long term just like the previous system also had issues. We didn't have a great depression in 2008 (a very nasty recession instead), but the quantitative easing then and during Covid is driving inflation wild. The official numbers are generally fine, but they don't include all sorts of items that have gone up an incredible amount and are thus misleading. I'm sure some of it is corporate greed or standard supply/demand (e.g. a wood manufacturing plant going offline making construction material costs soar), but a lot seems to be because of the insanely high printing of money that has to be carried out in order to inflate away the massive runaway national debt.
So the Keynesian toolbox that can be used to get us out of something like a depression also is ultimately our downfall in the long run as our leaders can't or won't use it responsibly.