...you're looking at.
While the article mentions the '29 Depression and Panic in '07, they curiously failed to talk about the Depression of '20-21.
Did the government "prime the pump" and spend money that it didn't have to get the economy going during that time?
No, they didn't.
Instead, they did EVERYTHING at that time, that people were calling to be done again regarding TARP and the bailouts.
President Harding slashed the federal spending. He also imposed across the board tax cuts.
The Fed (yes, there was a Fed at that time) did nothing.
And what did this "Libertarian/laissez-faire" approach accomplish?
A "malaise" in which there is no improvement in sight? Ginned up economic numbers and unemployment figures put out by the government?
The end result back then wasn't even close to what we are experiencing today.
In about 18 months, the economy showed signs of turning around. Unemployment fell from 12% in 1920 to 6.7% in 1922. And in 1923 it fell again even further to 2.3%.
They turned things around back then in about 18-24 months, while we're struggling to see numbers improve after how many years now?
There is a reason that the Roaring '20's were called: The Roaring 20's.
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