Approximately 50 years ago Richard Nixon said something to the effect that “we are all Keynesians now”.
Alas, well he should have. The now sainted (and recently departed) former industrial labor economist, George Shultz, had just gotten him to discard decades of GOP balanced budget orthodoxy in favor of “full-employment budgeting”.
The latter established the predicate that free market capitalism can’t get out of its own way without the guiding hand of the state to insure via deficit spending that the nation’s labor and capital resources are fully utilized. In turn, that made for the politically copacetic condition that a budget spewing red ink would henceforth be called a full employment “surplus”!