Do you know what Keynesian Economics is??? It built the US into what it is today. Read on.

The economic theories in practice today are Trickle down and the free market. It plays on the idea that unbridled business and minimal government intervention will cure the ills of humanity. It is a philosophy that is predominant in the USA. Business has no soul, only the bottom line and really doesn't respond unless it increases the bottom line. But Humanity is suffering from our present practices and the Banking industry, Wall street and Oil companies need regulation.
Wikipedia.
Keynesian economics (pronounced /藞ke瑟nzi蓹n/, also Keynesianism and Keynesian Theory, is an economic theory based on the ideas of twentieth-century British economist John Maynard Keynes. The state, according to Keynesian economics, can help maintain economic growth and stability in a mixed economy, in which both the public and private sectors play important roles. Keynesian economics seeks to provide solutions to what some consider failures of laissez-faire economic liberalism, which advocates that markets and the private sector operate best without state intervention. The theories forming the basis of Keynesian economics were first presented in The General Theory of Employment, Interest and Money, published in 1936. Look it up its interesting.

Fundamentally it is a based on fiscal policy vs. monetary policy like Milton Friedman believed in. FDR followed Keysian economics and helped people get through the Great Depression with public projects etc. Now we find that monetary policy has horrible consequences if there is excessive deficit spending and trillions of dollars are allowed to be fleeced with the present Federal Reserve organization. Turns out that the bankers will loan out cheap money and take huge risks. Much of the roads and bridges and parks built in the Thirties still exist and provide solid evidence of sound fiscal policy. Greenspan warned of gross deficit spending with nothing to back up the cheap currency cranked out to investment bankers. It has destroyed the economy of many nations. Keynes must be laugh in his grave and Friedman is a banker with an economics degree and sneaky friends.

As you say, it built us to where we are today - massively in debt, with a crashing dollar and sequential investment bubbles bursting to make sure everyone has a chance to feel the pain.

Do you know what Austrian economics are?

Keynesian economics were also theorized in relationship to Europe wherein tax rates have traditionally been higher.

Beyond that the majority of economic PhDs think Keynes and the Laffer curve is a bunch of bull.