How The 1930s Produced Barack Obama

[PoliticalChic]

"President Obama: The Biggest Government Spender In World History" President Obama: The Biggest Government Spender In World History - Forbes



Far be it from I to defend this failure-in-chief, but it didn't begin with Obama.





1. It was during the 1930s that government subsides became the way of life in Washington.
Prior to that, subsidies were usually found to be inconsistent with the Constitution, and when they were given, at least Congress was held accountable, and had to run for reelection based on the success or failure of their largesse.

2. Two factors account for the increase in federal give-aways: The Depression changed the way government operated, and a cowardly Supreme Court increasingly viewed the Constitution as merely a suggestion.
Both Hoover and Roosevelt, and the Congress, created lots of new agencies with the power to give subsidies.





3. Enter, the Reconstruction Finance Corporation (RFC). Not only was the agency new, but so was it's founding concept: never before in US history (well...maybe in WWI) had the US established an independent agency with power to lend millions, later billions, to private corporations! The RFC gave the money, not Congress. Reconstruction Finance Corporation - Wikipedia, the free encyclopedia

4. Hoover believed that government intervention was needed to support private enterprise....while ignoring that government interventions helped cause the Depression:
"..in 1928 and 1929, the Federal Reserve raise interest rates four times, which made it harder for businessmen to borrow money to invest, and that hindered economic growth.

Second, the Smoot-Hawley Tariff, which Hoover signed in 1930, was the highest tariff in American history. It sharply raised rates on 887 items and virtually stopped foreign trade....

Third, Hoover raised tax rates across the board- from 24 to 63 percent on rich people...[which] slowed down investing....[ and establishing] new companies." Folsom, "New Deal or Raw Deal."






5. For purposes of comparison with the Hoover/Roosevelt economic policies, one should study the policies of Warren G. Harding, the greatest recession fighter in history!

"Harding inherited the mess, in particular the post-World War I depression – almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged.

Richard K. Vedder and Lowell E. Gallaway, in their book "Out of Work", noted that the magnitude of the 1920 depression "exceeded that for the Great Depression of the following decade for several quarters." The estimated gross national product plunged 24% from $91.5 billion in 1920 to $69.6 billion in 1921. The number of unemployed people jumped from 2.1 million in 1920 to 4.9 million in 1921." America’s Greatest Depression*Fighter by Jim Powell





a. Harding cut federal spending by more than half, from a $6.4 billion budget in 1920 to $3.1 billion in 1923.
Also, he and his successor, Calvin Coolidge, cut tax rates on all income taxpayers during the 1920s- from 73 to 24 percent on the wealthiest Americans. The results were astonishing:
Unemployment plummeted from 11.7 percent to 2.4 percent from 1921 to 1923, and remained low for the rest of the decade. During the 1920s, living standards went up, gross national product increased almost 25%, and the federal government recorded budget surpluses every year- until the Federal Reserve raised interest rates and Congress passed Smoot-Hawley.
Folsom, "Uncle Sam Can't Count," p.141 and Time for Another Harding? | The Weekly Standard




b. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.”
The Real Deal - Society and Culture - AEI



Harding policies worked, Hoover/Roosevelt....not so much.


Guess which Obama mirrors?

 

[PoliticalChic]

6. So....we are explaining how crony capitalism became the political way of life in America. The prime example is the Reconstruction Finance Corporation (RFC), the money-giving agency. It began under Hoover- but he understood it to be under a sunset provision....he said in his 1931 State of the Union message that it would be liquidated "at the end of two years." The RFC, Hoover believed, has no place in a normal American economy. NYTimes, December 9, 1931


a. "In the 1932 election, Franklin Delano Roosevelt (FDR) criticized his opponent Hoover of presiding over “the greatest spending administration in peacetime in all of history.”
His statements are seen as a bit hypocritical in hindsight since Roosevelt continued and expanded Hoover’s big government policies. Many of the New Deal programs were based on policies already enacted by the Hoover administration. It could be said that Hoover was the real father of the New Deal."
Debunking Myths of the Great Depression | FreedomWorks




7. Charles Morrill, Board of Governor of the Federal Reserve:
"It became apparent almost immediately, to many Congressmen and Senators, that here was a device which would enable them to provide for activities that they favored for which government fund would be required, but without any apparent increase in appropriations, and without passing any appropriations bill of any kind to accomplish its purposes. After they had done that, there need be no more appropriations and its activities could be enlarged indefinitely, as they were almost to fantastic proportions."
"Saving Capitalism: The Reconstruction Finance Corporation and the New Deal, 1933-1940," James S. Olson, p. 43.



a. BTW.....after two years of unprecedented spending, unemployment was still high. Lots of bad investments by supposed experts. Politics became the raison d'être.
Imagine, these purblind functionaries would have been better sticking to the Constitution.




See the breadcrumbs leading directly to "the $837 billion stimulus"?

"Obama suggests that if we don’t do as he says, we’ll never recover. This is an obvious lie: things are no where near as bad as they were in the Great Depression, but we recovered even from that. It’s an obvious lie the way the “my campaign is as important as the Civil Rights movement” rhetoric was an obvious lie. I’m beginning to see a pattern here: Obama gets what he wants with aesthetically pleasing, but obviously false, statements. I’m noticing a pattern here: Obama is slime."
Obama?s stimulus rhetoric | The Uncredible Hallq

 

[PoliticalChic]

8. So, Hoover stumbles......and then Roosevelt does a full face plant!
After he campaigns against Hoover's spending.....FDR does it on steroids!!!



When the Democrats came to power in 1933, they took over the RFC....and made loans even more unsound than the Republicans made.
President Roosevelt, for example, was able to get RFC loans for his son Elliott and his brother-in-law Hall Roosevelt.
"Herbert Hoover and the Reconstruction Finance Corporation, 1931-1933," James Stuart Olson, p.52-54, 58-60.



a. Then....he let's on that his spending is going on in perpetuity!!!
Roosevelt repealed the two year limit on the RFC, and continues it throughout his presidency.

b. After the war, Truman used it as well, used it for patronage to corporate friends.
Hello, Obama....here we come!

(Of course, Obama went further, giving taxpayer funds to 'Democrat donors.' Can you say Solyndra, or LightSquared?? You can take the thug out of Chicago...but you can't take the Chicago out of the thug.)




9. It won't come as any surprise that FDR used the RFC to help himself and the Democrat Party. At one point he tried to bribe Walter Trohan, reporter for the Chicago Tribune, having the head of the RFC offer the journalist money and even a business; Trohan refused: "I didn't think it would be honest in accepting."
"Political Animals: Memoirs of a Sentimental Cynic," Walter Trohan, p.75




10. Economist Jim Powell, in “FDR’s Folly,” notes that a disproportionate amount of FDR’s relief and public works spending “went not to the poorest states such as the South, but to western states were people were better off , apparently because there were ‘swing’ states which could yield FDR more votes in the next election.”

So....when folks indict the Tax-And-Spend Democrats as offering entitlements, and all kinds of goodies in exchange for votes........


.....they're right!

 

[PoliticalChic]

11. Gotta hand it to those Democrats for coming up with new ways to rob the public fisc.

Prior to Franklin Roosevelt, welfare was handled by charities and churches, carefully considering who got the relief, and the reasons for same.

Under FDR, welfare and charity became a patronage endeavor, to get votes rather than to ease suffering.



The Reconstruction Finance Corporation (RFC) doled out relief nationally to those states with the best political connections. The Emergency Relief and Construction Act of 1932 began with the best of intentions...but under the Democrats it went to well-connected friends, including mayors and governors.

Illinois, a swing state, got $55,443,721, which was almost 20% of the RFC's $300 million, more than NY, California, and Texas combined.
Murray Rothbard, "America's Great Depression," p.262-263.





Republicans won big with Eisenhower, in 1952, taking both houses of Congress.
Did that help?
The RFC was abolished in 1953.




12. Money, money, money.....

a. “The liberal Daily Beast reports on a broadband project backed by a frequent Obama White House visitor and donor that has Pentagon officials concerned over potential military GPS interference. The Obama FCC took the lead in intervening on the donor, billionaire hedge fund manager Philip Falcone’s, behalf and granting his company called “LightSquared” one of those coveted Obama waivers from existing law. Then Obama officials reportedly pressured a general to alter his testimony about the company’s impact on military satellite transmissions.” Michelle Malkin | » LightSquared: The next Obama pay-for-play morass?

“Now the Pentagon has been raising concerns about a new wireless project by a satellite broadband company in Virginia called LightSquared, whose majority owner is an investment fund run by Democratic donor Philip Falcone. Gen. Shelton was originally scheduled to testify Aug. 3 to a House committee that the project would interfere with the military’s sensitive Global Positioning Satellite capabilities, which control automated driving directions and missile targeting, among other things.”
Ibid.




13. So, Obama has added a new twist, an overlay of criminality......the first President to use the IRS to obstruct political enemies.....the FAA to pressure foreign nations (FAA tells US airlines that all flights to Tel Aviv airport prohibited for 24 hours FAA tells US airlines that all flights to Tel Aviv airport prohibited for 24 hours | Fox News FCC (The Obama FCC took the lead in intervening on the donor, billionaire hedge fund manager Philip Falcone’s,...)


Big advances since FDR,huh? ....who said the Democrats aren't 'progressive.....'

 

[Freemason9]

I don't see how you equate the economy of a young, underpopulated nation of 100 years ago with the economy of a mature, overpopulated nation of today's world.

Also, all the "free" stuff that was given away by the government in the bygone era (land, mineral rights, extermination of the native population, utility/transportation construction, ect.) is largely gone. The new wealth has become the old wealth in a nation of increasingly cheap labor; we are becoming China.

 

[Avorysuds]

I don't see how you equate the economy of a young, underpopulated nation of 100 years ago with the economy of a mature, overpopulated nation of today's world.

Also, all the "free" stuff that was given away by the government in the bygone era (land, mineral rights, extermination of the native population, utility/transportation construction, ect.) is largely gone. The new wealth has become the old wealth in a nation of increasingly cheap labor; we are becoming China.

Funny, back in the 1920's they would claim the same thing... Overpopulated... But I agree, Harding had 3 people living in America, it was Hoover and FDR that first had to deal with tens of millions, that's why it worked for Harding and Coolidge and failed for Hoover and FDR.... And ultimately Obama.

right at 1928 there was an explosion of population growth. 3-5 people turned into 100 million in just 2 years to fuck Hoover and FDR new deal polices.

 

[CrusaderFrank]

Obama is copying the FDR Depression Playbook to the letter and getting the exact same results

 

[Dad2three]

"President Obama: The Biggest Government Spender In World History" President Obama: The Biggest Government Spender In World History - Forbes



Far be it from I to defend this failure-in-chief, but it didn't begin with Obama.





1. It was during the 1930s that government subsides became the way of life in Washington.
Prior to that, subsidies were usually found to be inconsistent with the Constitution, and when they were given, at least Congress was held accountable, and had to run for reelection based on the success or failure of their largesse.

2. Two factors account for the increase in federal give-aways: The Depression changed the way government operated, and a cowardly Supreme Court increasingly viewed the Constitution as merely a suggestion.
Both Hoover and Roosevelt, and the Congress, created lots of new agencies with the power to give subsidies.





3. Enter, the Reconstruction Finance Corporation (RFC). Not only was the agency new, but so was it's founding concept: never before in US history (well...maybe in WWI) had the US established an independent agency with power to lend millions, later billions, to private corporations! The RFC gave the money, not Congress. Reconstruction Finance Corporation - Wikipedia, the free encyclopedia

4. Hoover believed that government intervention was needed to support private enterprise....while ignoring that government interventions helped cause the Depression:
"..in 1928 and 1929, the Federal Reserve raise interest rates four times, which made it harder for businessmen to borrow money to invest, and that hindered economic growth.

Second, the Smoot-Hawley Tariff, which Hoover signed in 1930, was the highest tariff in American history. It sharply raised rates on 887 items and virtually stopped foreign trade....

Third, Hoover raised tax rates across the board- from 24 to 63 percent on rich people...[which] slowed down investing....[ and establishing] new companies." Folsom, "New Deal or Raw Deal."






5. For purposes of comparison with the Hoover/Roosevelt economic policies, one should study the policies of Warren G. Harding, the greatest recession fighter in history!

"Harding inherited the mess, in particular the post-World War I depression – almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged.

Richard K. Vedder and Lowell E. Gallaway, in their book "Out of Work", noted that the magnitude of the 1920 depression "exceeded that for the Great Depression of the following decade for several quarters." The estimated gross national product plunged 24% from $91.5 billion in 1920 to $69.6 billion in 1921. The number of unemployed people jumped from 2.1 million in 1920 to 4.9 million in 1921." America’s Greatest Depression*Fighter by Jim Powell





a. Harding cut federal spending by more than half, from a $6.4 billion budget in 1920 to $3.1 billion in 1923.
Also, he and his successor, Calvin Coolidge, cut tax rates on all income taxpayers during the 1920s- from 73 to 24 percent on the wealthiest Americans. The results were astonishing:
Unemployment plummeted from 11.7 percent to 2.4 percent from 1921 to 1923, and remained low for the rest of the decade. During the 1920s, living standards went up, gross national product increased almost 25%, and the federal government recorded budget surpluses every year- until the Federal Reserve raised interest rates and Congress passed Smoot-Hawley.
Folsom, "Uncle Sam Can't Count," p.141 and Time for Another Harding? | The Weekly Standard




b. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.”
The Real Deal - Society and Culture - AEI



Harding policies worked, Hoover/Roosevelt....not so much.


Guess which Obama mirrors?

LOL

(Re-)Introducing: The American School of Economics

When the United States became independent from Britain it also rebelled against the British System of economics, characterized by Adam Smith, in favor of the American School based on protectionism and infrastructure and prospered under this system for almost 200 years to become the wealthiest nation in the world. Unrestrained free trade resurfaced in the early 1900s culminating in the Great Depression and again in the 1970s culminating in the current Economic Meltdown.


Closely related to mercantilism, it can be seen as contrary to classical economics. It consisted of these three core policies:

protecting industry through selective high tariffs (especially 1861–1932) and through subsidies (especially 1932–70)

government investments in infrastructure creating targeted internal improvements (especially in transportation)

a national bank with policies that promote the growth of productive enterprises rather than speculation.


Frank Bourgin's 1989 study of the Constitutional Convention shows that direct government involvement in the economy was intended by the Founders.


The goal, most forcefully articulated by Hamilton, was to ensure that dearly won political independence was not lost by being economically and financially dependent on the powers and princes of Europe. The creation of a strong central government able to promote science, invention, industry and commerce, was seen as an essential means of promoting the general welfare and making the economy of the United States strong enough for them to determine their own destiny.



American School of Economics

American School (economics) - Wikipedia, the free encyclopedia


". BTW.....after two years of unprecedented spending, unemployment was still high. "

NOTE THE DROP IN UNEMPLOYMENT TILL FDR LISTENED TO THE DEFICIT SCOLDS IN 1937 AND UNEMPLOYMENT WENT BACK UP?

"See the breadcrumbs leading directly to "the $837 billion stimulus"?"


Economists agree: Stimulus created nearly 3 million jobs

It's no surprise that the administration would proclaim its own policies a success. But its verdict is backed by economists at Goldman Sachs, IHS Global Insight, JPMorgan Chase and Macroeconomic Advisers, who say the stimulus boosted gross domestic product by 2.1% to 2.7%.



Economists agree: Stimulus created nearly 3 million jobs - USATODAY.com


November 25, 2011


But as the nonpartisan Congressional Budget Office (CBO) reminded us this week, Americans can be thankful for the 2009 stimulus. Despite Republican mythmaking that the American Recovery and Reinvestment Act (ARRA) "created zero jobs," the CBO reported that the stimulus added up to 2.4 million jobs and boosted GDP by as much as 1.9 points in the past quarter. As it turns out, that conclusion confirms the consensus of most economists - including John McCain's 2008 brain trust- that President Obama's recovery program is continuing to deliver benefits for the American people.

From the beginning, the CBO has testified to the success of the largely concluded 2009 stimulus package in driving employment and economic growth

CBO Director Demolishes GOP's Stimulus Myth


Under questioning from skeptical Republicans, the director of the nonpartisan (and widely respected) Congressional Budget Office was emphatic about the value of the 2009 stimulus. And, he said, the vast majority of economists agree.

In a survey conducted by the University of Chicago Booth School of Business, 80 percent of economic experts agreed that, because of the stimulus, the U.S. unemployment rate was lower at the end of 2010 than it would have been otherwise.

"Only 4 percent disagreed or strongly disagreed," CBO Director Douglas Elmendorf told the House Budget Committee. "That," he added, "is a distinct minority."


CBO Director Demolishes GOP's Stimulus Myth

 

[Dad2three]

I don't see how you equate the economy of a young, underpopulated nation of 100 years ago with the economy of a mature, overpopulated nation of today's world.

Also, all the "free" stuff that was given away by the government in the bygone era (land, mineral rights, extermination of the native population, utility/transportation construction, ect.) is largely gone. The new wealth has become the old wealth in a nation of increasingly cheap labor; we are becoming China.

Funny, back in the 1920's they would claim the same thing... Overpopulated... But I agree, Harding had 3 people living in America, it was Hoover and FDR that first had to deal with tens of millions, that's why it worked for Harding and Coolidge and failed for Hoover and FDR.... And ultimately Obama.

right at 1928 there was an explosion of population growth. 3-5 people turned into 100 million in just 2 years to fuck Hoover and FDR new deal polices.

Yes, Harding/Coolidge didn't allow the 'free markets' to run hog wild and create a bubble like Dubya did in 2004-2007.

 

[Dad2three]

Obama is copying the FDR Depression Playbook to the letter and getting the exact same results

You mean slowly digging out of the hole the GOP dug? Yes.

 

[PoliticalChic]

"President Obama: The Biggest Government Spender In World History" President Obama: The Biggest Government Spender In World History - Forbes



Far be it from I to defend this failure-in-chief, but it didn't begin with Obama.





1. It was during the 1930s that government subsides became the way of life in Washington.
Prior to that, subsidies were usually found to be inconsistent with the Constitution, and when they were given, at least Congress was held accountable, and had to run for reelection based on the success or failure of their largesse.

2. Two factors account for the increase in federal give-aways: The Depression changed the way government operated, and a cowardly Supreme Court increasingly viewed the Constitution as merely a suggestion.
Both Hoover and Roosevelt, and the Congress, created lots of new agencies with the power to give subsidies.





3. Enter, the Reconstruction Finance Corporation (RFC). Not only was the agency new, but so was it's founding concept: never before in US history (well...maybe in WWI) had the US established an independent agency with power to lend millions, later billions, to private corporations! The RFC gave the money, not Congress. Reconstruction Finance Corporation - Wikipedia, the free encyclopedia

4. Hoover believed that government intervention was needed to support private enterprise....while ignoring that government interventions helped cause the Depression:
"..in 1928 and 1929, the Federal Reserve raise interest rates four times, which made it harder for businessmen to borrow money to invest, and that hindered economic growth.

Second, the Smoot-Hawley Tariff, which Hoover signed in 1930, was the highest tariff in American history. It sharply raised rates on 887 items and virtually stopped foreign trade....

Third, Hoover raised tax rates across the board- from 24 to 63 percent on rich people...[which] slowed down investing....[ and establishing] new companies." Folsom, "New Deal or Raw Deal."






5. For purposes of comparison with the Hoover/Roosevelt economic policies, one should study the policies of Warren G. Harding, the greatest recession fighter in history!

"Harding inherited the mess, in particular the post-World War I depression – almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged.

Richard K. Vedder and Lowell E. Gallaway, in their book "Out of Work", noted that the magnitude of the 1920 depression "exceeded that for the Great Depression of the following decade for several quarters." The estimated gross national product plunged 24% from $91.5 billion in 1920 to $69.6 billion in 1921. The number of unemployed people jumped from 2.1 million in 1920 to 4.9 million in 1921." America’s Greatest Depression*Fighter by Jim Powell





a. Harding cut federal spending by more than half, from a $6.4 billion budget in 1920 to $3.1 billion in 1923.
Also, he and his successor, Calvin Coolidge, cut tax rates on all income taxpayers during the 1920s- from 73 to 24 percent on the wealthiest Americans. The results were astonishing:
Unemployment plummeted from 11.7 percent to 2.4 percent from 1921 to 1923, and remained low for the rest of the decade. During the 1920s, living standards went up, gross national product increased almost 25%, and the federal government recorded budget surpluses every year- until the Federal Reserve raised interest rates and Congress passed Smoot-Hawley.
Folsom, "Uncle Sam Can't Count," p.141 and Time for Another Harding? | The Weekly Standard




b. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.”
The Real Deal - Society and Culture - AEI



Harding policies worked, Hoover/Roosevelt....not so much.


Guess which Obama mirrors?

LOL

(Re-)Introducing: The American School of Economics

When the United States became independent from Britain it also rebelled against the British System of economics, characterized by Adam Smith, in favor of the American School based on protectionism and infrastructure and prospered under this system for almost 200 years to become the wealthiest nation in the world. Unrestrained free trade resurfaced in the early 1900s culminating in the Great Depression and again in the 1970s culminating in the current Economic Meltdown.


Closely related to mercantilism, it can be seen as contrary to classical economics. It consisted of these three core policies:

protecting industry through selective high tariffs (especially 1861–1932) and through subsidies (especially 1932–70)

government investments in infrastructure creating targeted internal improvements (especially in transportation)

a national bank with policies that promote the growth of productive enterprises rather than speculation.


Frank Bourgin's 1989 study of the Constitutional Convention shows that direct government involvement in the economy was intended by the Founders.


The goal, most forcefully articulated by Hamilton, was to ensure that dearly won political independence was not lost by being economically and financially dependent on the powers and princes of Europe. The creation of a strong central government able to promote science, invention, industry and commerce, was seen as an essential means of promoting the general welfare and making the economy of the United States strong enough for them to determine their own destiny.



American School of Economics

American School (economics) - Wikipedia, the free encyclopedia


". BTW.....after two years of unprecedented spending, unemployment was still high. "

NOTE THE DROP IN UNEMPLOYMENT TILL FDR LISTENED TO THE DEFICIT SCOLDS IN 1937 AND UNEMPLOYMENT WENT BACK UP?

"See the breadcrumbs leading directly to "the $837 billion stimulus"?"


Economists agree: Stimulus created nearly 3 million jobs

It's no surprise that the administration would proclaim its own policies a success. But its verdict is backed by economists at Goldman Sachs, IHS Global Insight, JPMorgan Chase and Macroeconomic Advisers, who say the stimulus boosted gross domestic product by 2.1% to 2.7%.



Economists agree: Stimulus created nearly 3 million jobs - USATODAY.com


November 25, 2011


But as the nonpartisan Congressional Budget Office (CBO) reminded us this week, Americans can be thankful for the 2009 stimulus. Despite Republican mythmaking that the American Recovery and Reinvestment Act (ARRA) "created zero jobs," the CBO reported that the stimulus added up to 2.4 million jobs and boosted GDP by as much as 1.9 points in the past quarter. As it turns out, that conclusion confirms the consensus of most economists - including John McCain's 2008 brain trust- that President Obama's recovery program is continuing to deliver benefits for the American people.

From the beginning, the CBO has testified to the success of the largely concluded 2009 stimulus package in driving employment and economic growth

CBO Director Demolishes GOP's Stimulus Myth


Under questioning from skeptical Republicans, the director of the nonpartisan (and widely respected) Congressional Budget Office was emphatic about the value of the 2009 stimulus. And, he said, the vast majority of economists agree.

In a survey conducted by the University of Chicago Booth School of Business, 80 percent of economic experts agreed that, because of the stimulus, the U.S. unemployment rate was lower at the end of 2010 than it would have been otherwise.

"Only 4 percent disagreed or strongly disagreed," CBO Director Douglas Elmendorf told the House Budget Committee. "That," he added, "is a distinct minority."


CBO Director Demolishes GOP's Stimulus Myth

So...you didn't get up to post #4, huh?


There are medications for A.D.D.


Ask your doctor if they are right for you.

 

[Dad2three]

"President Obama: The Biggest Government Spender In World History" President Obama: The Biggest Government Spender In World History - Forbes



Far be it from I to defend this failure-in-chief, but it didn't begin with Obama.





1. It was during the 1930s that government subsides became the way of life in Washington.
Prior to that, subsidies were usually found to be inconsistent with the Constitution, and when they were given, at least Congress was held accountable, and had to run for reelection based on the success or failure of their largesse.

2. Two factors account for the increase in federal give-aways: The Depression changed the way government operated, and a cowardly Supreme Court increasingly viewed the Constitution as merely a suggestion.
Both Hoover and Roosevelt, and the Congress, created lots of new agencies with the power to give subsidies.





3. Enter, the Reconstruction Finance Corporation (RFC). Not only was the agency new, but so was it's founding concept: never before in US history (well...maybe in WWI) had the US established an independent agency with power to lend millions, later billions, to private corporations! The RFC gave the money, not Congress. Reconstruction Finance Corporation - Wikipedia, the free encyclopedia

4. Hoover believed that government intervention was needed to support private enterprise....while ignoring that government interventions helped cause the Depression:
"..in 1928 and 1929, the Federal Reserve raise interest rates four times, which made it harder for businessmen to borrow money to invest, and that hindered economic growth.

Second, the Smoot-Hawley Tariff, which Hoover signed in 1930, was the highest tariff in American history. It sharply raised rates on 887 items and virtually stopped foreign trade....

Third, Hoover raised tax rates across the board- from 24 to 63 percent on rich people...[which] slowed down investing....[ and establishing] new companies." Folsom, "New Deal or Raw Deal."






5. For purposes of comparison with the Hoover/Roosevelt economic policies, one should study the policies of Warren G. Harding, the greatest recession fighter in history!

"Harding inherited the mess, in particular the post-World War I depression – almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged.

Richard K. Vedder and Lowell E. Gallaway, in their book "Out of Work", noted that the magnitude of the 1920 depression "exceeded that for the Great Depression of the following decade for several quarters." The estimated gross national product plunged 24% from $91.5 billion in 1920 to $69.6 billion in 1921. The number of unemployed people jumped from 2.1 million in 1920 to 4.9 million in 1921." America’s Greatest Depression*Fighter by Jim Powell





a. Harding cut federal spending by more than half, from a $6.4 billion budget in 1920 to $3.1 billion in 1923.
Also, he and his successor, Calvin Coolidge, cut tax rates on all income taxpayers during the 1920s- from 73 to 24 percent on the wealthiest Americans. The results were astonishing:
Unemployment plummeted from 11.7 percent to 2.4 percent from 1921 to 1923, and remained low for the rest of the decade. During the 1920s, living standards went up, gross national product increased almost 25%, and the federal government recorded budget surpluses every year- until the Federal Reserve raised interest rates and Congress passed Smoot-Hawley.
Folsom, "Uncle Sam Can't Count," p.141 and Time for Another Harding? | The Weekly Standard




b. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.”
The Real Deal - Society and Culture - AEI



Harding policies worked, Hoover/Roosevelt....not so much.


Guess which Obama mirrors?

LOL

(Re-)Introducing: The American School of Economics

When the United States became independent from Britain it also rebelled against the British System of economics, characterized by Adam Smith, in favor of the American School based on protectionism and infrastructure and prospered under this system for almost 200 years to become the wealthiest nation in the world. Unrestrained free trade resurfaced in the early 1900s culminating in the Great Depression and again in the 1970s culminating in the current Economic Meltdown.


Closely related to mercantilism, it can be seen as contrary to classical economics. It consisted of these three core policies:

protecting industry through selective high tariffs (especially 1861–1932) and through subsidies (especially 1932–70)

government investments in infrastructure creating targeted internal improvements (especially in transportation)

a national bank with policies that promote the growth of productive enterprises rather than speculation.


Frank Bourgin's 1989 study of the Constitutional Convention shows that direct government involvement in the economy was intended by the Founders.


The goal, most forcefully articulated by Hamilton, was to ensure that dearly won political independence was not lost by being economically and financially dependent on the powers and princes of Europe. The creation of a strong central government able to promote science, invention, industry and commerce, was seen as an essential means of promoting the general welfare and making the economy of the United States strong enough for them to determine their own destiny.



American School of Economics

American School (economics) - Wikipedia, the free encyclopedia


". BTW.....after two years of unprecedented spending, unemployment was still high. "

NOTE THE DROP IN UNEMPLOYMENT TILL FDR LISTENED TO THE DEFICIT SCOLDS IN 1937 AND UNEMPLOYMENT WENT BACK UP?

"See the breadcrumbs leading directly to "the $837 billion stimulus"?"


Economists agree: Stimulus created nearly 3 million jobs

It's no surprise that the administration would proclaim its own policies a success. But its verdict is backed by economists at Goldman Sachs, IHS Global Insight, JPMorgan Chase and Macroeconomic Advisers, who say the stimulus boosted gross domestic product by 2.1% to 2.7%.



Economists agree: Stimulus created nearly 3 million jobs - USATODAY.com


November 25, 2011


But as the nonpartisan Congressional Budget Office (CBO) reminded us this week, Americans can be thankful for the 2009 stimulus. Despite Republican mythmaking that the American Recovery and Reinvestment Act (ARRA) "created zero jobs," the CBO reported that the stimulus added up to 2.4 million jobs and boosted GDP by as much as 1.9 points in the past quarter. As it turns out, that conclusion confirms the consensus of most economists - including John McCain's 2008 brain trust- that President Obama's recovery program is continuing to deliver benefits for the American people.

From the beginning, the CBO has testified to the success of the largely concluded 2009 stimulus package in driving employment and economic growth

CBO Director Demolishes GOP's Stimulus Myth


Under questioning from skeptical Republicans, the director of the nonpartisan (and widely respected) Congressional Budget Office was emphatic about the value of the 2009 stimulus. And, he said, the vast majority of economists agree.

In a survey conducted by the University of Chicago Booth School of Business, 80 percent of economic experts agreed that, because of the stimulus, the U.S. unemployment rate was lower at the end of 2010 than it would have been otherwise.

"Only 4 percent disagreed or strongly disagreed," CBO Director Douglas Elmendorf told the House Budget Committee. "That," he added, "is a distinct minority."


CBO Director Demolishes GOP's Stimulus Myth

So...you didn't get up to post #4, huh?


There are medications for A.D.D.


Ask your doctor if they are right for you.

In other words you'll stick with the Chi and Australian school failures. Got it

 

[PoliticalChic]

LOL

(Re-)Introducing: The American School of Economics

When the United States became independent from Britain it also rebelled against the British System of economics, characterized by Adam Smith, in favor of the American School based on protectionism and infrastructure and prospered under this system for almost 200 years to become the wealthiest nation in the world. Unrestrained free trade resurfaced in the early 1900s culminating in the Great Depression and again in the 1970s culminating in the current Economic Meltdown.


Closely related to mercantilism, it can be seen as contrary to classical economics. It consisted of these three core policies:

protecting industry through selective high tariffs (especially 1861–1932) and through subsidies (especially 1932–70)

government investments in infrastructure creating targeted internal improvements (especially in transportation)

a national bank with policies that promote the growth of productive enterprises rather than speculation.


Frank Bourgin's 1989 study of the Constitutional Convention shows that direct government involvement in the economy was intended by the Founders.


The goal, most forcefully articulated by Hamilton, was to ensure that dearly won political independence was not lost by being economically and financially dependent on the powers and princes of Europe. The creation of a strong central government able to promote science, invention, industry and commerce, was seen as an essential means of promoting the general welfare and making the economy of the United States strong enough for them to determine their own destiny.



American School of Economics

American School (economics) - Wikipedia, the free encyclopedia


". BTW.....after two years of unprecedented spending, unemployment was still high. "

NOTE THE DROP IN UNEMPLOYMENT TILL FDR LISTENED TO THE DEFICIT SCOLDS IN 1937 AND UNEMPLOYMENT WENT BACK UP?

"See the breadcrumbs leading directly to "the $837 billion stimulus"?"


Economists agree: Stimulus created nearly 3 million jobs

It's no surprise that the administration would proclaim its own policies a success. But its verdict is backed by economists at Goldman Sachs, IHS Global Insight, JPMorgan Chase and Macroeconomic Advisers, who say the stimulus boosted gross domestic product by 2.1% to 2.7%.



Economists agree: Stimulus created nearly 3 million jobs - USATODAY.com


November 25, 2011


But as the nonpartisan Congressional Budget Office (CBO) reminded us this week, Americans can be thankful for the 2009 stimulus. Despite Republican mythmaking that the American Recovery and Reinvestment Act (ARRA) "created zero jobs," the CBO reported that the stimulus added up to 2.4 million jobs and boosted GDP by as much as 1.9 points in the past quarter. As it turns out, that conclusion confirms the consensus of most economists - including John McCain's 2008 brain trust- that President Obama's recovery program is continuing to deliver benefits for the American people.

From the beginning, the CBO has testified to the success of the largely concluded 2009 stimulus package in driving employment and economic growth

CBO Director Demolishes GOP's Stimulus Myth


Under questioning from skeptical Republicans, the director of the nonpartisan (and widely respected) Congressional Budget Office was emphatic about the value of the 2009 stimulus. And, he said, the vast majority of economists agree.

In a survey conducted by the University of Chicago Booth School of Business, 80 percent of economic experts agreed that, because of the stimulus, the U.S. unemployment rate was lower at the end of 2010 than it would have been otherwise.

"Only 4 percent disagreed or strongly disagreed," CBO Director Douglas Elmendorf told the House Budget Committee. "That," he added, "is a distinct minority."


CBO Director Demolishes GOP's Stimulus Myth

So...you didn't get up to post #4, huh?


There are medications for A.D.D.


Ask your doctor if they are right for you.

In other words you'll stick with the Chi and Australian school failures. Got it

Funny that you mention "failure"....


1.More than 6.7 million more Americans have been plunged into poverty since Obama became President.

2.Real household income is down 5%

3. Consumer prices are up 10.2%

4. Total federal debt is up 58%

5. Gasoline prices are up 82%

6. Food stamp recipients up 49%

7. Debt held by the public is up 89%

However, the Obama administration recently projected an annual deficit of $750 billion in the fiscal year that began Oct. 1, and $626 billion the year after. At that rate, the debt owed to the public will more than double during the Obama presidency.
As of 2012, according to the most recent figures reported by the Census Bureau, median (midpoint) income for all U.S. households was $51,017, which was 4.9 percent lower (in inflation-adjusted dollars) than it was in 2008, the year before Obama took office.
The same story applies to family income, which includes many families with two earners. (The “household” figure includes single persons living alone, as well as families.) Median family income in 2012 was $62,241, or 5.1 percent below the inflation-adjusted 2008 level.
The number of persons living in poverty also worsened again in 2012, according to the most recent Census figures.

8. As of last year, 46,496,000 persons lived in households with income below the official poverty line, an increase of nearly 6.7 million since 2008 and 249,000 since 2011. The total poverty rate remained unchanged in 2012 at 15 percent of the total U.S. population. So for the second straight year, the poverty rate was 1.8 points higher than it was in 2008.
Obama?s Numbers, October Update

9... in today’s recovery — the slowest in the modern era going back to 1947 — private capital investment has lagged badly. ... so has the jobs situation, with 92 million dropping out of the workforce altogether. A labor-participation rate of 62.8% and an employment-to-population rate of 58% are historic lows indicative of the anemic jobs recovery. Big Business Swings Behind a Mantra of Growth - The New York Sun

10. Tavis Smiley: 'Black People Will Have Lost Ground in Every Single Economic Indicator' Under Obama
Tavis Smiley: 'Black People Will Have Lost Ground in Every Single Economic Indicator' Under Obama | NewsBusters

11. . ".... the... [dollar] has today a value of barely a 1,250th of an ounce of gold, a staggering plunge from an 853rd of an ounce on the day Mr. Obama took office...." Fiat Wages - The New York Sun


12. "CBO says deficits slated to shrink in coming years, but will soar again if spending or tax changes are not made

Federal deficits have soared between 2009 and 2012, bring the total long-term debt to a level equal to 73 percent of the nation’s GDP. “Between 2009 and 2012, the federal government recorded the largest budget deficits relative to the size of the economy since 1946, causing federal debt to soar.”
CBO says deficits slated to shrink in coming years, but will soar again if spending or tax changes are not made | Dallas Morning News

13. "Incomes Have Dropped Twice as Much During the 'Recovery' as During the Recession
. ...the Census Bureau's Current Population Survey ....indicate that the real (inflation-adjusted) median annual household income in America has fallen by 4.4 percent during the "recovery," after having fallen by 1.8 during the recession.
Incomes Have Dropped Twice as Much During the 'Recovery' as During the Recession | The Weekly Standard

14. "(CNSNews.com) - The real median income of American women dropped a little more than four percent in the first three full years after the end of the last recession,..... Census Bureau income data, the median income of American women was $21,520 in constant 2012 dollars. That was down $914 dollars—or about 4.1 percent—from 2009." Median Income of Women Dropped 4%--In First 3 Years of Recovery | CNS News

15. "US economy slowed to 0.1 percent growth rate in Q1
WASHINGTON (AP) — The U.S. economy slowed drastically in the first three months of the year... to a barely discernible 0.1 percent annual rate in the January-March quarter, the Commerce Department said Wednesday. That was the weakest pace since the end of 2012 and was down from a 2.6 percent rate in the previous quarter.... the anemic growth last quarter is surely a topic for discussion at the Federal Reserve's latest policy meeting,..."
My Way News - US economy slowed to 0.1 percent growth rate in Q1

16. "More Than 92 Million Americans Remain Out Of Labor Force
The unemployment rate dropped to 6.3 percent in April from 6.7 percent in March, the lowest it has been since September 2008 when it was 6.1 percent. The sharp drop, though, occurred because the number of people working or seeking work fell. The Bureau of Labor Statistics does not count people not looking for a job as unemployed.
The bureau noted that the civilian labor force dropped by 806,000 last month, following an increase of 503,000 in March."
Report: More Than 92 Million Americans Remain Out Of Labor Force « CBS DC
The amount (not seasonally adjusted) of Americans not in the labor force in April rose to 92,594,000, almost 1 million more than the previous month.

17. "The U.S. economy contracted at a much steeper pace than previously estimated in the first quarter, but there are indications that growth has sincerebounded strongly.
The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the economy's worst performance in five years, instead of the 1.0 percent pace it had reported last month." Final US first quarter GDP contracts

18. (CNSNews.com) - The number of Americans 16 and older who did not participate in the labor force climbed to a record high of 92,120,000 in June, according to data from the Bureau of Labor Statistics (BLS)..... the labor force participation rate for Americans was 62.8 percent, matching a 36-year low. Record Number of Americans Not in Labor Force in June | CNS News

19. (CNSNews.com) – The unemployment rate for black Americans is more than double that of white Americans, according to the latest data from the Bureau of Labor Statistics (BLS).... In the numbers released today, covering the month of June, the seasonally adjusted unemployment rate for black Americans age 16 and over was 10.7%, reported the BLS. The unemployment rate for white Americans in the same age group and time-frame was 5.3%, said the BLS. Black Unemployment 10.7%, More Than Double White Unemployment 5.3% | CNS News

20. (CNSNews.com) - 11.4 million Americans age 16 and over have left the workforce since President Obama took office in January 2009, according to data released today from the Bureau of Labor Statistics (BLS).
In July 2014, there were 92,001,000 Americans, 16 and over, who were classified as “not in the labor force,” meaning they not only did not have a job, but they didn’t actively seek one in the last four weeks
11,472,000 Americans Have Left Workforce Since Obama Took Office | CNS News



Excellent link showing the economy US Household Income | Department of Numbers

 

[JakeStarkey]

PC's mind is the only placed those thirties occurred.

 

[PoliticalChic]

PC's mind is the only placed those thirties occurred.

I prove everything I post.


One of us is right, and the other is you.

 

[JakeStarkey]

You prove almost nothing you post, because you, like Kaz, misdefine, misinterpret, and rely on logical fallacies as you hop along.

You at least try, though, where as, in comparison, Econchick simply makes assertion then demands it be refuted with evidence.

 

[PoliticalChic]

You prove almost nothing you post, because you, like Kaz, misdefine, misinterpret, and rely on logical fallacies as you hop along.

You at least try, though, where as, in comparison, Econchick simply makes assertion then demands it be refuted with evidence.

Wait....let me consider all of the examples you have provided......

What....there are none?



You remain our main source of greenhouse gases.

 

[regent]

The Great Depression is one of the most studied periods in American history. The nation needed to find the causes and cures to prevent or remedy these events.
The answer for many years was to compare a nation's economy to a simple household economy: when the economy seems troubled, cut spending, balance the budget and reduce the debt.
When FDR entered the White House that was his number one solution, but the reality and the Congress quickly changed that approach. So FDR tried another method, Keynes, not because of Keynes, but because circumstances dictated new ideas were needed, and needed quickly.
To this day and after all those studies, all that research, all the various attempts to prevent and cure recessions/depressions, what have we come up with?
What solutions were used on the recent recession?
How do our politicians hurt or help to solve the problem?

 

[PoliticalChic]

The Great Depression is one of the most studied periods in American history. The nation needed to find the causes and cures to prevent or remedy these events.
The answer for many years was to compare a nation's economy to a simple household economy: when the economy seems troubled, cut spending, balance the budget and reduce the debt.
When FDR entered the White House that was his number one solution, but the reality and the Congress quickly changed that approach. So FDR tried another method, Keynes, not because of Keynes, but because circumstances dictated new ideas were needed, and needed quickly.
To this day and after all those studies, all that research, all the various attempts to prevent and cure recessions/depressions, what have we come up with?
What solutions were used on the recent recession?
How do our politicians hurt or help to solve the problem?

"The Great Depression is one of the....blah blah blah...."


"You never let a serious crisis go to waste. And what I mean by that it's an opportunity to do things you think you could not do before."
Rahm Emanuel

Rahm Emanuel Quotes - BrainyQuote



FDR lied about what he would do if elected, he lied about the causes of the Depression, and,ultimately, retarded the conclusion of same.





"....all the various attempts to prevent and cure recessions/depressions, what have we come up with?"

Harding did it in a year.

Try reading a book....libraries are free.

 

[regent]

The Great Depression is one of the most studied periods in American history. The nation needed to find the causes and cures to prevent or remedy these events.
The answer for many years was to compare a nation's economy to a simple household economy: when the economy seems troubled, cut spending, balance the budget and reduce the debt.
When FDR entered the White House that was his number one solution, but the reality and the Congress quickly changed that approach. So FDR tried another method, Keynes, not because of Keynes, but because circumstances dictated new ideas were needed, and needed quickly.
To this day and after all those studies, all that research, all the various attempts to prevent and cure recessions/depressions, what have we come up with?
What solutions were used on the recent recession?
How do our politicians hurt or help to solve the problem?

"The Great Depression is one of the....blah blah blah...."


"You never let a serious crisis go to waste. And what I mean by that it's an opportunity to do things you think you could not do before."
Rahm Emanuel

Rahm Emanuel Quotes - BrainyQuote



FDR lied about what he would do if elected, he lied about the causes of the Depression, and,ultimately, retarded the conclusion of same.





"....all the various attempts to prevent and cure recessions/depressions, what have we come up with?"

Harding did it in a year.

Try reading a book....libraries are free.

All the history books that I have read, that rate the presidents, have rated FDR as one of the three greatest American presidents and Harding as one of the worst. Harding even beat Bush out for worst.
So can you recommend a history book that rates FDR as one of the worst presidents and Harding as one of the best?
Thank you.