Discussion in 'Education' started by Kevin_Kennedy, Apr 19, 2009.
The Real Lessons of the Great Depression by Bob Murphy
Your post is meant to indicate that Hoover increased spending significantly and it didn't work, and therefore history provides a precedent for Obama's policies not working? Correct?
Well my post was a referral to an article written by Robert P. Murphy, who wrote the article to promote his new book The Politically Incorrect Guide to the Great Depression and the New Deal. But yes, I intend for people to look back at history and see that massive government spending only helped to prolong and worsen the Great Depression and that we are allowing history to repeat itself in our present economic downturn. That being said, what I intend and what I expect are two different things. I expect to be called a revisionist and to be told that I am wrong.
The argument is disingenuous. It was only in the last year of Hoover's term did the deficit rise appreciably. From this book
[ame=http://www.amazon.com/Anatomy-Bear-Lessons-Streets-Bottoms/dp/1905641575/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1240245348&sr=8-1]Amazon.com: Anatomy of the Bear: Lessons from Wall Street's Four Great Bottoms: Russell Napier: Books[/ame]
The deficit never rose above 1% of GDP until 1932. It wasn't until 1932, the bottom of the Depression, did the deficit rise over 4% of GDP.
I briefly looked on the Internet to find something visual, and this is all I could find for the moment.
EH.Net Encyclopedia: The United States Public Debt, 1861 to 1975
As you can see, total public debt barely moved from 1927 to 1932. It wasn't until 1932 when the debt began to rise.
Edit: Here is some more
As you can see, it was only in 1932 when the government began heavily financing the deficit. Before that, after the economy had collapsed, the government hardly did anything at all.
The author's own facts could be used against him in his argument.
There is a lot of ideological revisionism going on.
Once again Kevin get's ideology whacked by facts. One might notice the line from 1992 to 2000. And the slope of the line appears not to have changed with the inauguration of President Obama.
Are you talking about this?
Not knowing what you're referring to, I'll just comment about the above quote. Here is the data:
Year GDP-US Federal Deficit-fed
1930 91.2 -0.87
1931 76.5 0.13
1932 58.7 1.63
Federal Spending, State and Local Public Spending 1792-2014 - Charts
This gets so tiring.
Timeline of the Great Depression
The Great Depression, to 1935
The Main Causes of the Great Depression
Stiff upper lip.
[ame=http://www.amazon.com/Great-Depression-New-Deal-Introductions/dp/0195326342/ref=sr_1_8?ie=UTF8&qid=1230302046&sr=1-8]Amazon.com: The Great Depression and the New Deal: A Very Short Introduction (Very Short Introductions): Eric Rauchway: Books[/ame]
Agreed. Did you intend to surrender to the fact that the New Deal prolonged the Great Depression, and that Hoover was, indeed, the first New Dealer?
actually no.....the claim is he didn't spend enough....which is why bush / obama are spending like they are.....
Generally no and definitely no.
Separate names with a comma.