Obama Thinks the New Deal Worked
George Driscoll of the CATO Institute recently wrote in an article @ ACUF
"...recovery only began when the New Deal began to unwind. No other depression in modern history lasted so long because never had a government intervened so much. The "cure" was worse than the disease. "
Joseph Onorati @Freedomworks wrote a great article with some excellent points.....
President Obama, during his first press conference last night, said in response to his first question about the economy,
For those of you interested in learning more about the causes of the Depression, check out Great Myths of the Great Depression. For a much more detailed look at the Depression, its causes, and its cures, have a look at America’s Great Depression by Murray Rothbard.
A good starting point(taken from a comment at freedomworks) to prove the New Deal did not work is www.bae.gov - the Bureau of Economic Analysis (a government website from the Department of Commerce) it has a downloadable excel spreadsheet with the GDP numbers. The numbers they have there show that the U.S. GDP in 1929 was $103.6 billion in current dollars. In 1933 it was $56.4 billion and did not pass the 1929 level until 1941. Have a look at the data.
"...recovery only began when the New Deal began to unwind. No other depression in modern history lasted so long because never had a government intervened so much. The "cure" was worse than the disease. "
Joseph Onorati @Freedomworks wrote a great article with some excellent points.....
President Obama, during his first press conference last night, said in response to his first question about the economy,
[There are] several who suggested that FDR was wrong to intervene back in the New Deal. They’re fighting battles that I thought were resolved a pretty long time ago.Well if the President thinks that the New Deal ended the Depression, then the battle must not be resolved. A study published in 2004 by Harold L. Cole and Lee E. Ohanian at UCLA argued that FDR’s policies prolonged the Depression by seven years. Christina Romer, Obama’s Chair of the Council of Economic Advisors writes, “Our estimates suggest that fiscal actions contributed only moderately to recoveries.” Fiscal actions – that’s government spending, the New Deal, the stimulus package, and so on. How can the President claim that the battle is resolved when even his high ranking economic advisors disagree?
For those of you interested in learning more about the causes of the Depression, check out Great Myths of the Great Depression. For a much more detailed look at the Depression, its causes, and its cures, have a look at America’s Great Depression by Murray Rothbard.
A good starting point(taken from a comment at freedomworks) to prove the New Deal did not work is www.bae.gov - the Bureau of Economic Analysis (a government website from the Department of Commerce) it has a downloadable excel spreadsheet with the GDP numbers. The numbers they have there show that the U.S. GDP in 1929 was $103.6 billion in current dollars. In 1933 it was $56.4 billion and did not pass the 1929 level until 1941. Have a look at the data.
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