Wednesday, February 18, 2009
Too little spending?
Let us, for a moment, believe the Republican's revisionist history that FDR's New Deal was a failure and didn't work and it was WWII that got us out of the depression. Well then, looking at the graph below, an argument could be made that it failed because it didn't spend enough and it took the massive amounts of deficit spending for the war effort to really lift the economy.
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I dont think it was just the excessive spending persae that got us out of it, it was the military-industrial complex that included the private sector for contracts etc. Then war Bonds being sold. I believe FDR really didn't want to get unemployment below a certain level. With the way taxes were raised everywhere, and price controls on goods and service, and massive unionization, who would invest in that atmosphere. He wanted a continuos limbo economy to push his agenda. Just like today. Obama doesn't want this to turn around quickly. He has an agenda, believing that our courts should stand up for social and economic justice. He doesn't need the courts yet,he has a stimulus bill which was just a massive power grab, seeing as only 200Billion is the only stimulus in the bill. Obama still has Fannea Mae and Fredie Mac in his back pocket too. For Obama to have signed a bill that he hasn't even read is irresponsible. How about the RAT Board for the inspector generals offices, I thought inspector generals were to be independent. In closing on the eve of the newest New Deal, the old New Deal is bankrupt. Social Security never turned anybody into a millionare but Free markets and Capitalism has, only with risk.
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