Does the current Keynesian stimulus signal a strong preference for the present?

Several countries (United States, France, Italy, euro zone as a whole, China, Japan) are now implementing large Keynesian stimulus packages even though unemployment rates are low. This choice may lead to economic difficulties in the future: The need to reduce fiscal deficits to stabilise the public debt ratio; Deterioration in cost competitiveness if the stimulus entails an increase in wages; Inability to use a countercyclical monetary policy in the future if interest rates are kept at a very low level. The choice of a Keynesian policy today, despite the fact that unemployment rates are low, therefore reveals a strong preference for the present .