What do the two most iconic economists of the 20th century have in common? Both John Keynes and Milton Friedman would tell you if they were alive today that when you are in the midst of a severe recession, the government has got to spend money to get the economy back on track.
Unfortunately, Governor Scott Walker never took Economics 101 and instead of increasing spending, he made deep budget cuts. In fact, his cuts to education were the deepest in state history. This sent a state that was on the verge of climbing out of the deep hole known as the Great Recession back into the hole, AKA a double-dip recession.
What Walker should have done is borrow money to fill the budget holes. Instead, he took any question of borrowing off the table and instead decided to demonize teachers and other public servants as "the haves" that were living the high-life while everyone else suffered. This was equivalent of dozens of Janesville GM plants closing across the state, suddenly yanking millions out of local economies and contracting the Wisconsin economy.
Now, with Wisconsin 44th in job growth and a re-election just around the corner, Walker is desperate to get the economy going, so he is doing in 2013 what he should have done in 2011: Borrowing money to spur the economy. He has all kinds of explanations about how this is free money, how its different because its for capital projects, ect, but at the end of the day, he is following basic economics principals that the failed to follow in 2011.