No, Rush is right. Keynes prescribed, during economic slumps, for governments to spend more in order to stimulate the economy, which requires a flexible currency, i.e., the ability to bring money into existence (i.e., increase the money supply by manipulating interest rates and borrowing). Once the slump has recovered, however, Keynes prescribed contracting the currency and paying off debt. Unfortunately, he didn't account for human nature (as he didn't understand human nature), i.e., politicians will never be willing to contract currency and pay off debt, because 1) they fear "rocking the economic boat," and 2) they don't want to cut back on supplying their constituents with the goodies. So what you get, where the rubber meets the road, with Keynesian economics is perpetual inflation and perpetually increasing spending and debt.
I guess you missed the 90's??
