GOP seeks austerity

[The Infidel]

 

[Truthmatters]

remember

 

[Truthmatters]

Government response

Instead of “fiscal stimulus,” Harding cut the government's budget nearly in half between 1920 and 1922. The rest of Harding's approach was equally laissez-faire.

Tax rates were slashed for all income groups. The national debt was reduced by one-third. The Federal Reserve's activity, moreover, was hardly noticeable. As one economic historian puts it, “Despite the severity of the contraction, the Fed did not move to use its powers to turn the money supply around and fight the contraction.”2 By the late summer of 1921, signs of recovery were already visible.

The following year, unemployment was back down to 6.7 percent and was only 2.4 percent by 1923.'

Warren Harding and the Forgotten Depression of 1920 by Thomas E. Woods, Jr.



Now you know.

You're actually going to use libertarian economic work to prove a point?

You're, without any doubt, extremely dizzy. Even if i happen to agree. You don't much agree with yourself.

Pro austerity

 

[Mad Scientist]

Pro austerity

Obama: The Pro Austerity President!

Obama spells out austerity agenda for second term - World Socialist Web Site

TM: Typical Low Information Voter!

 

[Truthmatters]

so just more lying and is your answer?

 

[Mad Scientist]

so just more lying and is your answer?

TM: Partisan to the bitter end! And it will be bitter.