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Originally Posted by Loveshiscountry
Wilson did not. Harding did. One more time in hopes you'll finally get it. Taxes and spending were cut by 40 percent in 2 years time. That made government less powerful and they stayed out of the economy business. UE dropped from 12 to under 4 and the economy rebounded. What part of that is hard to understand?
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apparently, you and I are in the same boat as you have yet to explain how cutting taxes caused any of this. Just saying it did is not an explanation.
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LMAO Why in the world are you saying they are all part of the same downturn. No ones is saying that but you.
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Im not saying it was. not sure why you believe so.
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...sigh
The number of antitrust cases brought by the Department of Justice fell from an average of 12.5 cases per year during the 1920s to an average of 6.5 cases per year from 1935 to 1938, the scholars found. Collusion had become so widespread that one Department of Interior official complained of receiving identical bids from a protected industry (steel) on 257 different occasions between mid-1935 and mid-1936. The bids were not only identical but also 50 percent higher than foreign steel prices. Without competition, wholesale prices remained inflated, averaging 14 percent higher than they would have been without the troublesome practices, the UCLA economists calculate.
FDR's policies prolonged Depression by 7 years, UCLA economists calculate
Educate yourself.
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This isnt an education argument. You are arguing an opinion, one that other economist completely disagree with.
the major flaw here is the government intervention argument. NIRA traded rising wages for less government intervention in day to day practices and less anti trust.
If government stayed out of this as you wanted, the antitrust part would still be there, negating the actual point being made about inflated cost.
As for wages and unemployment, that flaw is seen today. Trading dollars an hour, for cheaper wage jobs does not help the economy.
8 people making 4 dollars an hour is much better for the economy than 10 people making a 1 dollar an hour because those 8 people have enough economic output to help grown the economy, but none of the 10 at 1 dollar do.
Hence, why the great depression argument doesnt work, nor do republican economic arguments of today. Greater freedom =/= better economy. The one thing i can admire about libertarians is that they can at least admit that... most of the time.
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