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{
    "id": 1216861,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1216861/?format=api",
    "text_counter": 142,
    "type": "speech",
    "speaker_name": "Embakasi East, ODM",
    "speaker_title": "Hon. Babu Owino",
    "speaker": null,
    "content": "At this point, I would like Members to listen keenly to me. Those who are walking, please sit down and listen to this information. During the Great Depression, the American economy was being assaulted, and it was considered as the greatest downturn that almost brought the USA economy to its knees. This was during the leadership of President Franklin D. Roosevelt. The causes of this depression were: One, stock market crash; and two, collapse of the banks. So, by 1933 in the USA, the unemployment rate was at 25 per cent, followed by the collapse of over 5,000 banks. What was the solution to this? There was a great researcher and economist from Great Britain who was consulted – and I love referring to him – by the name John Maynard Keynes. He was born in 1883 and died in 1946. Keynes came up with a theory known as the Keynesian Theory. I know Mhe. Shakeel cannot understand what I am saying, and that is why he is asking what this is. There is nothing for him to say. He can stay with his liquid intelligence. Clearly, the Keynesian theory… John Maynard Keynes came up with the Keynesian Theory, which advised them to inject more money into the economy, as we are doing now through this budget. Injecting more money into the economy means we are creating more demand. This means a common man in Soweto, Embakasi East Constituency, will have money in his pocket to go shopping and spend. This is called the trickle-down effect because it is coming from up and not bottom. When there is more money in people’s pockets, they spend more and the demand increases. With an increment in demand, there is an increment in supply or rather with an increment in aggregate demand, there is a simultaneous increment in aggregate supply. As economists will tell you, when the two meet, they create a macro-economic equilibrium. Hon. Speaker, I support this Budget with all my body parts and organs. Thank you."
}