I'm afraid I just find it a little bizarre that Keynesian economics is considered in some way "left", or partisan. It's really just based on observation, and does not endorse any radical redistribution of wealth - it's designed to encourage growth and minimize recession. Right-wing economics is very real, however, and seems to be based more on a kind of moral outrage against the very notion of taxation than any empirical measure. And it seemed to be working - Clinton and Blair endorsed the very assumptions of this approach - but is looking somewhat tattered now. Has Keynesianism ever been shown to have failed? I've not seen evidence of this.
Yes - high inflation (i.e. too high, not 5%), substantial currency devaluation (not hyperinflation but worse than a mere annoyance), and especially high unemployment - higher than we have now under the market-focused orthodoxy. But it needs to be compared to a useful control. For example, if it's limited to the 1970's, it would be hard to isolate from the impact of the oil crisis. And if it's limited to the US/Britain, you need to explain why the high-spending tiger economies can be discounted.
