President-elect Donald Trump’s intention to boost federal spending makes him “the new John Maynard Keynes,” investment industry icon Jack Bogle says.

The founder of mutual-fund giant The Vanguard Group predicts that U.S. stock investors will benefit — at least shorter-term — if the U.S. government puts Keynesian economics into practice. Keynes, the legendary British economist who died in 1946, proposed that governments should borrow and spend money to boost economic activity when national economies are suffering through a downturn.

”He is a Keynesian who wants to build the economy … to spend a lot of money, have the government undertake a lot of spending and borrowing in the public marketplace to add to aggregate demand for our goods and services here in the U.S.,” Bogle said of Trump in a wide-ranging interview set to air in three parts, beginning Tuesday, on “MoneyLife with Chuck Jaffe.”

Adds Bogle: “That program, I’m convinced, is very good for the short-term in the stock market.” But longer-term, Bogle says, saddling the federal government with more debt would damage stock portfolios.

“I am absolutely persuaded that the following things are bad for the stock market in the long run,” Bogle notes. “I’m thinking here of the gap between the wealthy and the poverty-stricken increasing as we go, and going to get worse. I’m thinking about racial divisions in the country, and I think they’re not going to get any better under the new administration and could even get worse.

Says Bogle: “I’m thinking about global trade to the extent global trade is threatened by the president-elect’s program. That’s not good. … To the extent we back away a little bit from Europe and NATO — which he has talked about doing — the bulwark against communism in Europe. Each one of these things — the wealth gap, the racial gap, the threat to global trade, the failure or apparent failure to give NATO the kind of support we have given them in the past — is, in the long run, bad for our society, bad for our economy, and bad for our stock market.”

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Stock buyers, meanwhile, tend to ignore such concerns, Bogle points out. “The stock market is looking to the short term; it always has and I’m sure always will,” he says. “But when you look at the long term, I would say, ‘Be a little careful today. Be a little careful.’”

Not that Bogle is urging investors to exit the market. “Only a fool would ever tell you to do that,” he says. “None of us knows what’s going to happen, but I create a series of reasonable expectations, and they have been highly accurate over 10-year periods in the past — remarkably so — and so I stick with those reasonable expectations.”

Bogle does doubt the wisdom of buying stocks in a market he sees as being “at least fully valued” at current levels. Investors buying in now can expect below-average returns over the coming decade, he says, including stretches of negative returns, of between 4% to 5% annualized before fees — “if we are lucky.”

Bogle’s interview with Jaffe — done in three separate parts — will air Tuesday through Thursday on MoneyLife.