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Reality Check: The Great Economic Debate, Keynes vs. Hayek

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(FOX19) - There is a brand new fight brewing in the Congressional super-committee.

Talks over how to cut the budget have stalled. Republicans and Democrats are blaming each other.

At the center of the latest debate, whether or not to approve a new stimulus package like the President's $447 billion dollar jobs bill.

The President still insists that more spending is the only way to get this economy moving again.

But did you know the debate of government spending is nothing new?  In fact, our current debate is the exact same one economists have been having since the Great Depression.

The two schools of economic thought we are fighting over in this country today is a debate between what are called Hayekian economics and Keynesian economics.  

Watch for the Reality Check.

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