RE:The changing times Today's thinking by so-called leading economists regarding the US economy to be doing well is based on the model of keynesian economics.
It explains why today's know it all economists and those who follow their every word are blind to economic reality.
Keynesian economics should ever only be applied very sparingly in times of recession to bring the economy out of one and then as with any antidote like an antibiotic, put back on the shelf and locked away when the economy turns around with its spending and printing excesses reversed over time to beat back the deficit.
This economic theory (keynesian) should never be employed but as a temporary stop gap to halt economic decline and bring about a reversal and then be discontinued.
Instead its been adopted by the central bank with many adjustments made manipulating inflation figures, unemployment numbers and GDP stats to hide its destructive effect on the economy overall - and has run free for the past 15 years disguised as QE 1-4 and a great deal of spending and printing in between.
Ballooning deficits and national debt levels are what keynesian thinking and monetary policy let go unabated have come to - a false and artificial sense that all's well with the economy that couldn't in reality be further from the truth.
The keynesian stop gap measure of spend spend spend to bypass recession instead of letting the economy correct first and then apply stimulus has kicked the can of an ever growing bloodletting down the road time and time again these last 15 years since the great recession.