Absolutely, and with good reason. The Keynesian approach requires the deficit spending during recession to be balanced with surplus budgeting and paying down the accumulated debt during booms. Essentially, the tax rate trends slightly behind the strength of the economy to either stimulate (during recession, using public investment) or compensate (during growth, to pay down accumulated debt). It makes sense to me, it’s what Clinton did quite well during his terms, and it was the model that proved workable during the 5-ish decades between WW2 and the late 1990s.
What I don’t think Keynes accounted for, that makes it difficult to practice, is how far off the rails the US economy has gone. Between public debt so large that the bulk of tax revenue goes just to servicing that debt and the US government being the largest employer in the country, by far, the structure of the economy has become too inflexible to make the Keynsian stretch-and-contract adjustments to the global economy.
