John F. Kennedy (1961) – An Unfinished Life, p. 480 (Robert Dallek)
Kennedy feared that legislation requiring tax cuts in response to economic slowing would be seen as restricting congressional control over the economy or trampling on Congress’s “fiscal prerogatives.” Moreover, in the fall of 1961, Kennedy continued to worry that tax cuts would increase deficits and mark him out as a liberal Keynesian at odds with balanced budgets and fiscal conservatives.
So Kennedy’s idea of a fiscal stimulus was through tax cuts, but with an eye to balanced budgets.
Fast forward to George W. Bush, who favoured massive tax cuts and massive spending increases, blowing out the budget.
Or Obama, further massive spending increases and further blowing out the budget.
Today’s Keynesian policies – whether GOP or Democratic – include increasing spending. Republicans also lean towards tax cuts, although often not going near the most inefficient of taxes. Both eschew balanced budgets.
Kennedy was more of an economic conservative / libertarian than many of his successors, whether from the GOP or Democratic Party.