"I Guess We're All Keynesians, Now."

In a move that seems to echo a global trend, the South Korean government has announced plans to invest $37.8 billion over the next four years in "eco-friendly" businesses -- an investment expected to create nearly one million jobs. This, following a five-year-low job creation rate in November and a generally slowing economy.

South Korea's "Green New Deal" is reflective of a much larger political-economic trend throughout the world. Many governments are planning big infrastructure investments and job creation projects to fight the sluggish world economy.

Obama's U.S. plan is close to $850 billion; $100 billion for state governments to cover Medicaid and other expenses; middle-class tax cuts; and further spending in five key areas -- traditional infrastructure, school construction, energy efficiency, broadband access and health IT.

China announced its largest ever stimulus package in November -- a $586 billion investment in ten key areas, among them low-income housing, electricity, water, rural infrastructure, environmental protection and technological innovation.

The EU announced a $260 billion plan around the same time. Many Latin American countries are following suit as well.

Here's a paper from Brookings on how to make these plans work.

And here's one from Heritage on why the best medicine is - you guessed it - less government spending.