Truthmatters
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- May 10, 2007
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- #21
He raised revenue and gave aid to the unemployed
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Never
The Depression of 1920-21, for example.
Depression of 1920
it was NOT world wide and it was a post war drop.
that is why it was so short lived
This is so simple Dimocrats can't possibly get it right.
You're in debt, lots of debt. You got that way by spending more than you earn year in and year out and borrowing in order to pay some of that debt or create more.
So, the very first baby step on the long road to fixing this huge mess is:
A) Cut back your spending.
B) Continue your spending rate as it's been for quite some time.
C) None of the above.
It's not paper airplane science.
The Depression of 1920-21, for example.
Depression of 1920
it was NOT world wide and it was a post war drop.
that is why it was so short lived
Government response
This is so simple Dimocrats can't possibly get it right.
You're in debt, lots of debt. You got that way by spending more than you earn year in and year out and borrowing in order to pay some of that debt or create more.
So, the very first baby step on the long road to fixing this huge mess is:
A) Cut back your spending.
B) Continue your spending rate as it's been for quite some time.
C) None of the above.
It's not paper airplane science.
Can you read? The Republicans want to put the defense spending back IN the budget.
[A day after voters in France and Greece toppled governments in a European backlash against austerity measures, Republicans moved forward with legislation to replace $78 billion in automatic spending cuts to defense and discretionary domestic spending with a much larger $261 billion cut focused only on domestic spending.
Right out of the script I laid out awhile back. The Republicans don't want shared sacrifice; they want partisan sacrifice.
Their 'austerity' plan exempts their benefactors, ie., the Rich, the defense lobby, the oil lobby, etc.,
from making sacrifices. The sacrifices and belt tightening fall on Democratic constituencies.
Depression of 1920
it was NOT world wide and it was a post war drop.
that is why it was so short lived
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.
when in history has austerity brought an economy back from world wide recession?
When has a government that spent 40% more than it's revenue ever survived?
The reality is austerity (otherwise known as living within your means) is going to be a reality for most of the world. It will happen if it is controlled and managed, or imposed by external forces.
It will happen here when China says no more money. We will no longer finance a bloated government.
Funny, Germany is the most successful part of Europe............austerity was their answer. The problem is the people of most of the other countries aren't willing to give up their freebies, the German folks realize the importance of cut backs and less spending during tough times.
Remember the French and Greeks were up in arms because they couldn't retire at 61 and receive unfunded benefits. I'll be watching and waiting til they bottom out.
Funny, Germany is the most successful part of Europe............austerity was their answer. The problem is the people of most of the other countries aren't willing to give up their freebies, the German folks realize the importance of cut backs and less spending during tough times.
Remember the French and Greeks were up in arms because they couldn't retire at 61 and receive unfunded benefits. I'll be watching and waiting til they bottom out.
The reality is austerity (otherwise known as living within your means) is going to be a reality for most of the world. It will happen if it is controlled and managed, or imposed by external forces.
It will happen here when China says no more money. We will no longer finance a bloated government.
Nope guess what would happen to Chinas economy without the US to buy shit?
Depression of 1920
it was NOT world wide and it was a post war drop.
that is why it was so short lived
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.
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?