An
excessive number of our economists, and thus the public, have been
taught about the means of fighting deep recessions from the
experiences of the 1930s.
And
what they took away from the fight during that Great Depression has
been misinterpreted. Roosevelt’s New Deal, a Keynesian effort,
never got us out of that financial mess.
A
decade earlier, the U.S. was in a far more economic, post-World War I
meltdown, with worse unemployment and conditions more serious than
those of post 1929, and far, far worse than today.
Yet, there was a
sharp, complete turnaround in just a couple of years. All, with a
balanced budget and strong dollar.
For
some reason we don’t fully study the booming 1920s as a means of
seeing what the free spenders did wrong in the 1930s, and what those
emulating them today are still spending without achieving economic
recovery. (See the Earl J. Weinreb NewsHole® comments.)
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