How we got out of the depression...we cut government and taxes....

[2aguy]

yes....the President at the time of the depression cut government and taxes....and ended the depression....

 

[2aguy]

Oh...did I mention that it was the depression of 1920, not the depression of the 1930s...FDR f****d that one up and it never ended until after the war when the rest of the industrial world was destroyed...

The depression of 1920....was over in a year.........they cut government and spending and taxes....

Notice...no one knows about this depression...because the government did the opposite of FDR and ended the depression.....FDR turned his depression into a Great depression...and the left has exploited it ever since....

Mises Daily Mises Institute


In order to make sure that this version of events sticks, little, if any, public mention is ever made of the depression of 1920–1921. And no wonder — that historical experience deflates the ambitions of those who promise us political solutions to the real imbalances at the heart of economic busts.

The conventional wisdom holds that in the absence of government countercyclical policy, whether fiscal or monetary (or both), we cannot expect economic recovery — at least, not without an intolerably long delay. Yet the very opposite policies were followed during the depression of 1920–1921, and recovery was in fact not long in coming.

The economic situation in 1920 was grim. By that year unemployment had jumped from 4 percent to nearly 12 percent, and GNP declined 17 percent. No wonder, then, that Secretary of Commerce Herbert Hoover — falsely characterized as a supporter of laissez-faire economics — urged President Harding to consider an array of interventions to turn the economy around. Hoover was ignored.

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 it was only 2.4 percent by 1923.

 

[ScienceRocks]

WTF? China doesn't grow because they don't build anything and African nations don't grow because they cut the shit out of everything....Oh'shitttt, no one grows by cut, slash and burn!!!!

America grew into a super power in the 40's, 50's and 60s by building, investing and aiming to be the best. America has never grew because of tax cuts and saying NO to investment. fact.

Our middle class has taken a crap because of reagans tax cuts of the early 80's....fact.

 

[2aguy]

WTF? China doesn't grow because they don't build anything and African nations don't grow because they cut the shit out of everything....Oh'shitttt, no one grows by cut, slash and burn!!!!

America grew into a super power in the 40's, 50's and 60s by building, investing and aiming to be the best. America has never grew because of tax cuts and saying NO to investment. fact.

Our middle class has taken a crap because of reagans tax cuts of the early 80's....fact.

No...China still has too much government running their economy...china is building stuff all the time...they are just not doing it for any good reason........you know...like creating an economy.....

America cut taxes under Kennedy and Reagan and experienced huge increases in tax revenue for the govermnet and booming economies...fact.

 

[Moonglow]

So you are saying that the crash of 1920 had no need to manufacture for Europe after WWI?

 

[Moonglow]

And the GOP had over 2 years to work on the Great Depression, yet failed...

 

[DarkFury]

WTF? China doesn't grow because they don't build anything and African nations don't grow because they cut the shit out of everything....Oh'shitttt, no one grows by cut, slash and burn!!!!

America grew into a super power in the 40's, 50's and 60s by building, investing and aiming to be the best. America has never grew because of tax cuts and saying NO to investment. fact.

Our middle class has taken a crap because of reagans tax cuts of the early 80's....fact.

No...China still has too much government running their economy...china is building stuff all the time...they are just not doing it for any good reason........you know...like creating an economy.....

America cut taxes under Kennedy and Reagan and experienced huge increases in tax revenue for the govermnet and booming economies...fact.

Also China is not building on THEIR tech, they are building on tech that they steal.

 

[ScienceRocks]

Everything is a balance...I could see a tax rate of 65% dropping to 45% allowing for more business growth, but what I don't understand is how today's insanely low tax rates on the top 5% could possibly be good for us to lower it a dime lower.

Everything is a balance and it is time to increase taxes on the top and put a stop to outsourcing that is allowing a unfair advantage to the biggest businesses in southern Asia. These are killing our ability to compete with the rest of the world.

 

[Moonglow]

WTF? China doesn't grow because they don't build anything and African nations don't grow because they cut the shit out of everything....Oh'shitttt, no one grows by cut, slash and burn!!!!

America grew into a super power in the 40's, 50's and 60s by building, investing and aiming to be the best. America has never grew because of tax cuts and saying NO to investment. fact.

Our middle class has taken a crap because of reagans tax cuts of the early 80's....fact.

No...China still has too much government running their economy...china is building stuff all the time...they are just not doing it for any good reason........you know...like creating an economy.....

America cut taxes under Kennedy and Reagan and experienced huge increases in tax revenue for the govermnet and booming economies...fact.

Also China is not building on THEIR tech, they are building on tech that they steal.

Chinese firms pour money into U.S. R D in shift to innovation Reuters

 

[Mr. H.]

China s Ghost Cities In 2014 - Business Insider

 

[Manonthestreet]

WTF? China doesn't grow because they don't build anything and African nations don't grow because they cut the shit out of everything....Oh'shitttt, no one grows by cut, slash and burn!!!!

America grew into a super power in the 40's, 50's and 60s by building, investing and aiming to be the best. America has never grew because of tax cuts and saying NO to investment. fact.

Our middle class has taken a crap because of reagans tax cuts of the early 80's....fact.

You have yrs of record revenue......your spew doesnt wash away facts

 

[hortysir]

I finally watched the debate earlier today and caught myself nodding along with Huckabee about taxes and SS

 

[Vandalshandle]

Oh...did I mention that it was the depression of 1920, not the depression of the 1930s...FDR f****d that one up and it never ended until after the war when the rest of the industrial world was destroyed...

The depression of 1920....was over in a year.........they cut government and spending and taxes....

Notice...no one knows about this depression...because the government did the opposite of FDR and ended the depression.....FDR turned his depression into a Great depression...and the left has exploited it ever since....

Mises Daily Mises Institute


In order to make sure that this version of events sticks, little, if any, public mention is ever made of the depression of 1920–1921. And no wonder — that historical experience deflates the ambitions of those who promise us political solutions to the real imbalances at the heart of economic busts.

The conventional wisdom holds that in the absence of government countercyclical policy, whether fiscal or monetary (or both), we cannot expect economic recovery — at least, not without an intolerably long delay. Yet the very opposite policies were followed during the depression of 1920–1921, and recovery was in fact not long in coming.

The economic situation in 1920 was grim. By that year unemployment had jumped from 4 percent to nearly 12 percent, and GNP declined 17 percent. No wonder, then, that Secretary of Commerce Herbert Hoover — falsely characterized as a supporter of laissez-faire economics — urged President Harding to consider an array of interventions to turn the economy around. Hoover was ignored.

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 it was only 2.4 percent by 1923.

Amazing! A virtual encyclopedia of misinformation!