- Joined
- Jan 28, 2012
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- Independent
I don't want to return to the governing philosophy of the Hoover administration, which stood by and did not do enough to address the crisis of the Great Depression.
The New Deal prolonged the misery of the Great Depression...not ended it. And Hoover spend more as a percentage of the GDP than FDR did after the 1929 crash.
The 1920/21 Depression was fought with lower tax rates for everyone and a balanced budget. The result was the DOW and unemployment reached near pre-crash levels within 3 1/2 years and the national debt dropped by over 10%.
https://en.m.wikipedia.org/wiki/Depression_of_1920–21
The Hoover and FDR admins. spent like mad and tried to run the economy (especially FDR). The result? Even ten years after the '29 crash...the DOW still never got to more than 52% of it's pre-crash high and the unemployment rate was still FIVE TIMES HIGHER (3.2% vs. 17.2%) than it was before the crash. Plus, the national debt had risen by almost 150%.
US National Debt by Year – Polidiotic
The Great Depression Statistics
The notion that you have to spend your way out of a recession/depression has been proven wrong by history...time and again.
During a recession/depression, you look after those who need (not just want) help and you let the economy fix itself.
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