- Thread starter
- #281
And so we travel on down the road of "Great Lies That Liberal Dunces Continue to Believe."
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Why Conservative Is Simply Better....
- Thread starter PoliticalChic
- Start date
And so we travel on down the road of "Great Lies That Liberal Dunces Continue to Believe."
Moonglow
Diamond Member
In case you didn't notice, after GOP presidencies of the 1920's, they never were able to gain the White House for a generation...Because of how they handled the economy...NO they weren't. Democrats brought us out of the great depression created by republican fools! The emerging middle class accumulated wealth that endured and provided a tax base wherever they clustered together in places called... you guessed it.... cities.The richest cities in America are also run by Democrats.
They were all rich before Democrats took over. Give them some time...
And so we travel on down the road of "Great Lies That Liberal Dunces Continue to Believe."
Last edited:
- Thread starter
- #283
In case you didn't notice, after GOP presidencies of the 1920's, they never were able to gain the White House for a generation...Because of how they handled the economy...NO they weren't. Democrats brought us out of the great depression created by republican fools! The emerging middle class accumulated wealth that endured and provided a tax base wherever they clustered together in places called... you guessed it.... cities.The richest cities in America are also run by Democrats.
They were all rich before Democrats took over. Give them some time...
And so we travel on down the road of "Great Lies That Liberal Dunces Continue to Believe."
The way "they handled the economy..." was known as the 'Roaring Twenties."
The Roaring Twenties were the period of sustained economic prosperity with a distinctive cultural edge in New York, Montreal, Chicago, Detroit, Paris, Berlin, London, Los Angeles, and many other major cities during the 1920s in the United States, Canada and Europe.
Roaring Twenties - Wikipedia, the free encyclopedia
Wikipedia, the free encyclopediaRoaring_Twenties
And, of course, Republican President Harding was far superior to Democrat Roosevelt in fighting recessions.
Must I teach you obvious things like this each and every day???????
PaintMyHouse
Diamond Member
- Banned
- #284
It roared alright, until the house of cards that created it came to a crashing halt, literally: Causes of the Great DepressionIn case you didn't notice, after GOP presidencies of the 1920's, they never were able to gain the White House for a generation...Because of how they handled the economy...NO they weren't. Democrats brought us out of the great depression created by republican fools! The emerging middle class accumulated wealth that endured and provided a tax base wherever they clustered together in places called... you guessed it.... cities.The richest cities in America are also run by Democrats.
They were all rich before Democrats took over. Give them some time...
And so we travel on down the road of "Great Lies That Liberal Dunces Continue to Believe."
The way "they handled the economy..." was known as the 'Roaring Twenties."
And, of course, Republican President Harding was far superior to Democrat Roosevelt in fighting recessions.
The Roaring Twenties were the period of sustained economic prosperity with a distinctive cultural edge in New York, Montreal, Chicago, Detroit, Paris, Berlin, London, Los Angeles, and many other major cities during the 1920s in the United States, Canada and Europe.
Roaring Twenties - Wikipedia, the free encyclopedia
Wikipedia, the free encyclopediaRoaring_Twenties
Must I teach you obvious things like this each and every day???????
Dad2three
Gold Member
In case you didn't notice, after GOP presidencies of the 1920's, they never were able to gain the White House for a generation...Because of how they handled the economy...NO they weren't. Democrats brought us out of the great depression created by republican fools! The emerging middle class accumulated wealth that endured and provided a tax base wherever they clustered together in places called... you guessed it.... cities.The richest cities in America are also run by Democrats.
They were all rich before Democrats took over. Give them some time...
And so we travel on down the road of "Great Lies That Liberal Dunces Continue to Believe."
The way "they handled the economy..." was known as the 'Roaring Twenties."
And, of course, Republican President Harding was far superior to Democrat Roosevelt in fighting recessions.
The Roaring Twenties were the period of sustained economic prosperity with a distinctive cultural edge in New York, Montreal, Chicago, Detroit, Paris, Berlin, London, Los Angeles, and many other major cities during the 1920s in the United States, Canada and Europe.
Roaring Twenties - Wikipedia, the free encyclopedia
Wikipedia, the free encyclopediaRoaring_Twenties
Must I teach you obvious things like this each and every day???????
1921 and All That
The recovery from the 1920-21 recession supposedly demonstrates that deflation and hands-off monetary policy is the way to go.
But have the people making these arguments really looked at what happened back then? Or are they relying on vague impressions about a distant episode, with bad data, that has been spun as a confirmation of their beliefs?
OK, I’m not going to invest a lot in this. But even a cursory examination of the available data suggests that 1921 has few useful lessons for the kind of slump we’re facing now.
Brad DeLong has recently written up a clearer version of a story I’ve been telling for a while (actually since before the 2008 crisis) — namely, that there’s a big difference between inflation-fighting recessions, in which the Fed squeezes to bring inflation down, then relaxes — and recessions brought on by overstretch in debt and investment. The former tend to be V-shaped, with a rapid recovery once the Fed relents; the latter tend to be slow, because it’s much harder to push private spending higher than to stop holding it down.
And the 1920-21 recession was basically an inflation-fighting recession — although the Fed was trying to bring the level of prices, rather than the rate of change, down. What you had was a postwar bulge in prices, which was then reversed:
Money was tightened, then loosened again:
Discount rates are a problematic indicator, but here’s what happened to commercial paper rates:
And so there was a V-shaped recovery:
The deflation may have helped by increasing the real money supply — at least Meltzer thinks so (pdf) — but if so, the key point was that the economy was nowhere near the zero lower bound, so there was plenty of room for the conventional monetary channel to work.
All of this has zero relevance to an economy in our current situation, in which the recession was brought on by private overstretch, not tight money, and in which the zero lower bound is all too binding.
So do we have anything to learn from the macroeconomics of Warren Harding? No.
http://krugman.blogs.nytimes.com/2011/04/01/1921-and-all-that/
YES, HOOVER INHERITED HARDING/COOLIDGE'S BUBBLE, AND COULDN'T FIX IT IN 3+ YEARS.
NYcarbineer
Diamond Member
In case you didn't notice, after GOP presidencies of the 1920's, they never were able to gain the White House for a generation...Because of how they handled the economy...NO they weren't. Democrats brought us out of the great depression created by republican fools! The emerging middle class accumulated wealth that endured and provided a tax base wherever they clustered together in places called... you guessed it.... cities.The richest cities in America are also run by Democrats.
They were all rich before Democrats took over. Give them some time...
And so we travel on down the road of "Great Lies That Liberal Dunces Continue to Believe."
The way "they handled the economy..." was known as the 'Roaring Twenties."
And, of course, Republican President Harding was far superior to Democrat Roosevelt in fighting recessions.
The Roaring Twenties were the period of sustained economic prosperity with a distinctive cultural edge in New York, Montreal, Chicago, Detroit, Paris, Berlin, London, Los Angeles, and many other major cities during the 1920s in the United States, Canada and Europe.
Roaring Twenties - Wikipedia, the free encyclopedia
Wikipedia, the free encyclopediaRoaring_Twenties
Must I teach you obvious things like this each and every day???????
None of that is true. Harding didn't do anything. He died, remember?
NYcarbineer
Diamond Member
When the Great Depression hit,
the top tax rate was 25%.
So much for lower taxes as the magic bullet for economic prosperity.
the top tax rate was 25%.
So much for lower taxes as the magic bullet for economic prosperity.
- Thread starter
- #288
It roared alright, until the house of cards that created it came to a crashing halt, literally: Causes of the Great DepressionIn case you didn't notice, after GOP presidencies of the 1920's, they never were able to gain the White House for a generation...Because of how they handled the economy...NO they weren't. Democrats brought us out of the great depression created by republican fools! The emerging middle class accumulated wealth that endured and provided a tax base wherever they clustered together in places called... you guessed it.... cities.They were all rich before Democrats took over. Give them some time...
And so we travel on down the road of "Great Lies That Liberal Dunces Continue to Believe."
The way "they handled the economy..." was known as the 'Roaring Twenties."
And, of course, Republican President Harding was far superior to Democrat Roosevelt in fighting recessions.
The Roaring Twenties were the period of sustained economic prosperity with a distinctive cultural edge in New York, Montreal, Chicago, Detroit, Paris, Berlin, London, Los Angeles, and many other major cities during the 1920s in the United States, Canada and Europe.
Roaring Twenties - Wikipedia, the free encyclopedia
Wikipedia, the free encyclopediaRoaring_Twenties
Must I teach you obvious things like this each and every day???????
The causes that catapulted the recession into the 'Great Depression' were
1. The actions of the federal reserve
2. The sky-high Smoot-Hawley Tariff
3. The actions of Hoover that were continued by
Roosevelt
4. And, mainly, the abject ineptitude of Roosevelt.
a. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.”
article - AEI
I'd be happy to provide a list of the lies of Roosevelt that magnified and advanced the problems....
...say the word.
- Thread starter
- #289
In case you didn't notice, after GOP presidencies of the 1920's, they never were able to gain the White House for a generation...Because of how they handled the economy...NO they weren't. Democrats brought us out of the great depression created by republican fools! The emerging middle class accumulated wealth that endured and provided a tax base wherever they clustered together in places called... you guessed it.... cities.They were all rich before Democrats took over. Give them some time...
And so we travel on down the road of "Great Lies That Liberal Dunces Continue to Believe."
The way "they handled the economy..." was known as the 'Roaring Twenties."
And, of course, Republican President Harding was far superior to Democrat Roosevelt in fighting recessions.
The Roaring Twenties were the period of sustained economic prosperity with a distinctive cultural edge in New York, Montreal, Chicago, Detroit, Paris, Berlin, London, Los Angeles, and many other major cities during the 1920s in the United States, Canada and Europe.
Roaring Twenties - Wikipedia, the free encyclopedia
Wikipedia, the free encyclopediaRoaring_Twenties
Must I teach you obvious things like this each and every day???????
None of that is true. Harding didn't do anything. He died, remember?
1. "America’s greatest depression fighter was Warren Gamaliel Harding. An Ohio senator when he was elected president in 1920, he followed Woodrow Wilson who got America into World War I, ...Harding inherited the mess, in particular the post-World War I depression – almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged. Richard K. Vedder and Lowell E. Gallaway, in their book Out of Work (1993), noted that the magnitude of the 1920 depression "exceeded that for the Great Depression of the following decade for several quarters." The estimated gross national product plunged 24% from $91.5 billion in 1920 to $69.6 billion in 1921. The number of unemployed people jumped from 2.1 million in 1920 to 4.9 million in 1921.
2. Compared to FDR, Harding had a much better understanding of how an economy works. Harding, wrote historian Robert K. Murray, in The Harding Era (1969), "always decried high taxes, government waste, and excessive governmental interference in the private sector of the economy. In February 1920, shortly after announcing his candidacy, he advocated a cut in government expenditures and stated that government ought to ‘strike the shackles from industry.’ ‘We need vastly more freedom than we do regulation,’ he said. Surprisingly, big business took very little notice of him at the time."
3. One of Harding’s campaign slogans was "less government in business," and it served him well. Harding embraced the advice of Treasury Secretary Andrew Mellon and called for tax cuts in his first message to Congress, April 12, 1921. The highest taxes, on corporate revenues and "excess" profits, were to be cut. Personal income taxes were to be left as is, with a top rate of 8% of incomes above $4,000. Harding recognized the crucial importance of encouraging investment essential for growth and jobs, something that FDR never did.
4. Harding’s Budget and Accounting Act of 1921 provided a unified federal budget for the first time in American history. The act established (1) the Bureau of the Budget with a budget director responsible to the president, and (2) the General Accounting Office to help cut wasteful spending.
5. Federal spending was cut from $6.3 billion in 1920 to $5 billion in 1921 and $3.2 billion in 1922. Federal taxes were cut from $6.6 billion in 1920 to $5.5 billion in 1921 and $4 billion in 1922. Harding’s policies started a trend. The low point for federal taxes was reached in 1924. For federal spending, in 1925. The federal government paid off debt, which had been $24.2 billion in 1920, and it continued to decline until 1930.
6. Conspicuously absent was business-bashing that became a hallmark of FDR’s speeches. Absent, too, were New Deal–type big government programs to make it more expensive for employers to hire people, to force prices above market levels, to promote cartels and monopolies. Frederick Lewis Allen wrote, "Business itself was regarded with a new veneration. Once it had been considered less dignified and distinguished than the learned professions, but now people thought they praised a clergyman highly when they called him a good business man."
7. With Harding’s tax cuts, spending cuts and relatively non-interventionist economic policy, the gross national product rebounded to $74.1 billion in 1922. The number of unemployed fell to 2.8 million – a reported 6.7% of the labor force – in 1922. So, just a year and a half after Harding became president, the Roaring 20s were underway! The unemployment rate continued to decline, reaching a low of 1.8% in 1926 – an extraordinary feat. Since then, the unemployment rate has been lower only once in wartime (1944), and never in peacetime.
8. "The seven years from the autumn of 1922 to the autumn of 1929," wrote Vedder and Gallaway, "were arguably the brightest period in the economic history of the United States. Virtually all the measures of economic well-being suggested that the economy had reached new heights in terms of prosperity and the achievement of improvements in human welfare. Real gross national product increased every year, consumer prices were stable (as measured by the consumer price index), real wages rose as a consequence of productivity advance, stock prices tripled. Automobile production in 1929 was almost precisely double the level of 1922. It was in the twenties that Americans bought their first car, their first radio, made their first long-distance telephone call, took their first out-of-state vacation. This was the decade when America entered ‘the age of mass consumption.’"
9. "Progressives" were astonishingly blind to Harding’s achievements. Newspaperman William Allen White called Harding "almost unbelievably ill-informed." Historian Allen wrote that Harding’s "mind was vague and fuzzy. Its quality was revealed in the clogged style of his public addresses, in his choice of turgid and maladroit language (‘non-involvement’ in European affairs)." Ironically, Allen wrote this in 1931, when the Great Depression had been going for two years. Harding had the depression of 1920 licked in a year and a half, but under the "progressive" FDR, the Great Depression would persisted throughout the 1930s, until FDR began conscripting millions of young men for the armed forces."
America’s Greatest Depression*Fighter by Jim Powell
http://archive.lewrockwell.com/orig4/powell-jim4.html
http://www.nationalreview.com/articles/226645/not-so-great-depression/jim-powell
NYcarbineer
Diamond Member
It roared alright, until the house of cards that created it came to a crashing halt, literally: Causes of the Great DepressionIn case you didn't notice, after GOP presidencies of the 1920's, they never were able to gain the White House for a generation...Because of how they handled the economy...NO they weren't. Democrats brought us out of the great depression created by republican fools! The emerging middle class accumulated wealth that endured and provided a tax base wherever they clustered together in places called... you guessed it.... cities.
And so we travel on down the road of "Great Lies That Liberal Dunces Continue to Believe."
The way "they handled the economy..." was known as the 'Roaring Twenties."
And, of course, Republican President Harding was far superior to Democrat Roosevelt in fighting recessions.
The Roaring Twenties were the period of sustained economic prosperity with a distinctive cultural edge in New York, Montreal, Chicago, Detroit, Paris, Berlin, London, Los Angeles, and many other major cities during the 1920s in the United States, Canada and Europe.
Roaring Twenties - Wikipedia, the free encyclopedia
Wikipedia, the free encyclopediaRoaring_Twenties
Must I teach you obvious things like this each and every day???????
The causes that catapulted the recession into the 'Great Depression' were
1. The actions of the federal reserve
2. The sky-high Smoot-Hawley Tariff
3. The actions of Hoover that were continued by
Roosevelt
4. And, mainly, the abject ineptitude of Roosevelt.
a. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.”
article - AEI
I'd be happy to provide a list of the lies of Roosevelt that magnified and advanced the problems....
...say the word.
More of your lies. Unemployment peaked in Roosevelt's first year. EVERYTHING got better from then on.
- Thread starter
- #291
When the Great Depression hit,
the top tax rate was 25%.
So much for lower taxes as the magic bullet for economic prosperity.
1. Here is an interesting visual:
imagine a triple line of the unemployed, three across, consisting of those unemployed under Hoover, in 1931. The line would have gonefrom Los Angeles, across the country, to the border of Maine.
What effect did Roosevelt have on the line?
Well, eight years later, in 1939, the length of the line would have gone further, from the Maine border, south to Boston, then on to New York City, then to Philadelphia, on to Washington, D.C.- and finally, into Virginia.
Folsom, "New Deal or Raw Deal"
Think Folsom was wrong?
Check it out at the US Bureau of the Census, 'Historical Statistics of the United States: Colonial Times to 1970, I-126 andUnemployment Statistics during the Great Depression
NYcarbineer
Diamond Member
In case you didn't notice, after GOP presidencies of the 1920's, they never were able to gain the White House for a generation...Because of how they handled the economy...NO they weren't. Democrats brought us out of the great depression created by republican fools! The emerging middle class accumulated wealth that endured and provided a tax base wherever they clustered together in places called... you guessed it.... cities.
And so we travel on down the road of "Great Lies That Liberal Dunces Continue to Believe."
The way "they handled the economy..." was known as the 'Roaring Twenties."
And, of course, Republican President Harding was far superior to Democrat Roosevelt in fighting recessions.
The Roaring Twenties were the period of sustained economic prosperity with a distinctive cultural edge in New York, Montreal, Chicago, Detroit, Paris, Berlin, London, Los Angeles, and many other major cities during the 1920s in the United States, Canada and Europe.
Roaring Twenties - Wikipedia, the free encyclopedia
Wikipedia, the free encyclopediaRoaring_Twenties
Must I teach you obvious things like this each and every day???????
None of that is true. Harding didn't do anything. He died, remember?
1. "America’s greatest depression fighter was Warren Gamaliel Harding. An Ohio senator when he was elected president in 1920, he followed Woodrow Wilson who got America into World War I, ...Harding inherited the mess, in particular the post-World War I depression – almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged. Richard K. Vedder and Lowell E. Gallaway, in their book Out of Work (1993), noted that the magnitude of the 1920 depression "exceeded that for the Great Depression of the following decade for several quarters." The estimated gross national product plunged 24% from $91.5 billion in 1920 to $69.6 billion in 1921. The number of unemployed people jumped from 2.1 million in 1920 to 4.9 million in 1921.
2. Compared to FDR, Harding had a much better understanding of how an economy works. Harding, wrote historian Robert K. Murray, in The Harding Era (1969), "always decried high taxes, government waste, and excessive governmental interference in the private sector of the economy. In February 1920, shortly after announcing his candidacy, he advocated a cut in government expenditures and stated that government ought to ‘strike the shackles from industry.’ ‘We need vastly more freedom than we do regulation,’ he said. Surprisingly, big business took very little notice of him at the time."
3. One of Harding’s campaign slogans was "less government in business," and it served him well. Harding embraced the advice of Treasury Secretary Andrew Mellon and called for tax cuts in his first message to Congress, April 12, 1921. The highest taxes, on corporate revenues and "excess" profits, were to be cut. Personal income taxes were to be left as is, with a top rate of 8% of incomes above $4,000. Harding recognized the crucial importance of encouraging investment essential for growth and jobs, something that FDR never did.
4. Harding’s Budget and Accounting Act of 1921 provided a unified federal budget for the first time in American history. The act established (1) the Bureau of the Budget with a budget director responsible to the president, and (2) the General Accounting Office to help cut wasteful spending.
5. Federal spending was cut from $6.3 billion in 1920 to $5 billion in 1921 and $3.2 billion in 1922. Federal taxes were cut from $6.6 billion in 1920 to $5.5 billion in 1921 and $4 billion in 1922. Harding’s policies started a trend. The low point for federal taxes was reached in 1924. For federal spending, in 1925. The federal government paid off debt, which had been $24.2 billion in 1920, and it continued to decline until 1930.
6. Conspicuously absent was business-bashing that became a hallmark of FDR’s speeches. Absent, too, were New Deal–type big government programs to make it more expensive for employers to hire people, to force prices above market levels, to promote cartels and monopolies. Frederick Lewis Allen wrote, "Business itself was regarded with a new veneration. Once it had been considered less dignified and distinguished than the learned professions, but now people thought they praised a clergyman highly when they called him a good business man."
7. With Harding’s tax cuts, spending cuts and relatively non-interventionist economic policy, the gross national product rebounded to $74.1 billion in 1922. The number of unemployed fell to 2.8 million – a reported 6.7% of the labor force – in 1922. So, just a year and a half after Harding became president, the Roaring 20s were underway! The unemployment rate continued to decline, reaching a low of 1.8% in 1926 – an extraordinary feat. Since then, the unemployment rate has been lower only once in wartime (1944), and never in peacetime.
8. "The seven years from the autumn of 1922 to the autumn of 1929," wrote Vedder and Gallaway, "were arguably the brightest period in the economic history of the United States. Virtually all the measures of economic well-being suggested that the economy had reached new heights in terms of prosperity and the achievement of improvements in human welfare. Real gross national product increased every year, consumer prices were stable (as measured by the consumer price index), real wages rose as a consequence of productivity advance, stock prices tripled. Automobile production in 1929 was almost precisely double the level of 1922. It was in the twenties that Americans bought their first car, their first radio, made their first long-distance telephone call, took their first out-of-state vacation. This was the decade when America entered ‘the age of mass consumption.’"
9. "Progressives" were astonishingly blind to Harding’s achievements. Newspaperman William Allen White called Harding "almost unbelievably ill-informed." Historian Allen wrote that Harding’s "mind was vague and fuzzy. Its quality was revealed in the clogged style of his public addresses, in his choice of turgid and maladroit language (‘non-involvement’ in European affairs)." Ironically, Allen wrote this in 1931, when the Great Depression had been going for two years. Harding had the depression of 1920 licked in a year and a half, but under the "progressive" FDR, the Great Depression would persisted throughout the 1930s, until FDR began conscripting millions of young men for the armed forces."
America’s Greatest Depression*Fighter by Jim Powell
http://archive.lewrockwell.com/orig4/powell-jim4.html
http://www.nationalreview.com/articles/226645/not-so-great-depression/jim-powell
Too long.
The little secret here you leave out is that all Harding did was slightly lower the war taxes because, duh, the war was over.
- Thread starter
- #293
It roared alright, until the house of cards that created it came to a crashing halt, literally: Causes of the Great DepressionIn case you didn't notice, after GOP presidencies of the 1920's, they never were able to gain the White House for a generation...Because of how they handled the economy...And so we travel on down the road of "Great Lies That Liberal Dunces Continue to Believe."
The way "they handled the economy..." was known as the 'Roaring Twenties."
And, of course, Republican President Harding was far superior to Democrat Roosevelt in fighting recessions.
The Roaring Twenties were the period of sustained economic prosperity with a distinctive cultural edge in New York, Montreal, Chicago, Detroit, Paris, Berlin, London, Los Angeles, and many other major cities during the 1920s in the United States, Canada and Europe.
Roaring Twenties - Wikipedia, the free encyclopedia
Wikipedia, the free encyclopediaRoaring_Twenties
Must I teach you obvious things like this each and every day???????
The causes that catapulted the recession into the 'Great Depression' were
1. The actions of the federal reserve
2. The sky-high Smoot-Hawley Tariff
3. The actions of Hoover that were continued by
Roosevelt
4. And, mainly, the abject ineptitude of Roosevelt.
a. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.”
article - AEI
I'd be happy to provide a list of the lies of Roosevelt that magnified and advanced the problems....
...say the word.
More of your lies. Unemployment peaked in Roosevelt's first year. EVERYTHING got better from then on.
1. Arthur Schlesinger, Jr., liberal New Deal historian wrote in The National Experience, in 1963, “Though the policies of the Hundred Days had ended despair, they had not produce recovery…” He also wrote honestly about the devastating crash of 1937- in the midst of the “second New Deal” and Roosevelt’s second term. “The collapse in the months after September 1937 was actually more severe than it had been in the first nine months of the depression: national income fell 13 %, payrolls 35 %, durable goods production 50 %, profits 78% .
- Thread starter
- #294
In case you didn't notice, after GOP presidencies of the 1920's, they never were able to gain the White House for a generation...Because of how they handled the economy...And so we travel on down the road of "Great Lies That Liberal Dunces Continue to Believe."
The way "they handled the economy..." was known as the 'Roaring Twenties."
And, of course, Republican President Harding was far superior to Democrat Roosevelt in fighting recessions.
The Roaring Twenties were the period of sustained economic prosperity with a distinctive cultural edge in New York, Montreal, Chicago, Detroit, Paris, Berlin, London, Los Angeles, and many other major cities during the 1920s in the United States, Canada and Europe.
Roaring Twenties - Wikipedia, the free encyclopedia
Wikipedia, the free encyclopediaRoaring_Twenties
Must I teach you obvious things like this each and every day???????
None of that is true. Harding didn't do anything. He died, remember?
1. "America’s greatest depression fighter was Warren Gamaliel Harding. An Ohio senator when he was elected president in 1920, he followed Woodrow Wilson who got America into World War I, ...Harding inherited the mess, in particular the post-World War I depression – almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933, that FDR inherited and prolonged. Richard K. Vedder and Lowell E. Gallaway, in their book Out of Work (1993), noted that the magnitude of the 1920 depression "exceeded that for the Great Depression of the following decade for several quarters." The estimated gross national product plunged 24% from $91.5 billion in 1920 to $69.6 billion in 1921. The number of unemployed people jumped from 2.1 million in 1920 to 4.9 million in 1921.
2. Compared to FDR, Harding had a much better understanding of how an economy works. Harding, wrote historian Robert K. Murray, in The Harding Era (1969), "always decried high taxes, government waste, and excessive governmental interference in the private sector of the economy. In February 1920, shortly after announcing his candidacy, he advocated a cut in government expenditures and stated that government ought to ‘strike the shackles from industry.’ ‘We need vastly more freedom than we do regulation,’ he said. Surprisingly, big business took very little notice of him at the time."
3. One of Harding’s campaign slogans was "less government in business," and it served him well. Harding embraced the advice of Treasury Secretary Andrew Mellon and called for tax cuts in his first message to Congress, April 12, 1921. The highest taxes, on corporate revenues and "excess" profits, were to be cut. Personal income taxes were to be left as is, with a top rate of 8% of incomes above $4,000. Harding recognized the crucial importance of encouraging investment essential for growth and jobs, something that FDR never did.
4. Harding’s Budget and Accounting Act of 1921 provided a unified federal budget for the first time in American history. The act established (1) the Bureau of the Budget with a budget director responsible to the president, and (2) the General Accounting Office to help cut wasteful spending.
5. Federal spending was cut from $6.3 billion in 1920 to $5 billion in 1921 and $3.2 billion in 1922. Federal taxes were cut from $6.6 billion in 1920 to $5.5 billion in 1921 and $4 billion in 1922. Harding’s policies started a trend. The low point for federal taxes was reached in 1924. For federal spending, in 1925. The federal government paid off debt, which had been $24.2 billion in 1920, and it continued to decline until 1930.
6. Conspicuously absent was business-bashing that became a hallmark of FDR’s speeches. Absent, too, were New Deal–type big government programs to make it more expensive for employers to hire people, to force prices above market levels, to promote cartels and monopolies. Frederick Lewis Allen wrote, "Business itself was regarded with a new veneration. Once it had been considered less dignified and distinguished than the learned professions, but now people thought they praised a clergyman highly when they called him a good business man."
7. With Harding’s tax cuts, spending cuts and relatively non-interventionist economic policy, the gross national product rebounded to $74.1 billion in 1922. The number of unemployed fell to 2.8 million – a reported 6.7% of the labor force – in 1922. So, just a year and a half after Harding became president, the Roaring 20s were underway! The unemployment rate continued to decline, reaching a low of 1.8% in 1926 – an extraordinary feat. Since then, the unemployment rate has been lower only once in wartime (1944), and never in peacetime.
8. "The seven years from the autumn of 1922 to the autumn of 1929," wrote Vedder and Gallaway, "were arguably the brightest period in the economic history of the United States. Virtually all the measures of economic well-being suggested that the economy had reached new heights in terms of prosperity and the achievement of improvements in human welfare. Real gross national product increased every year, consumer prices were stable (as measured by the consumer price index), real wages rose as a consequence of productivity advance, stock prices tripled. Automobile production in 1929 was almost precisely double the level of 1922. It was in the twenties that Americans bought their first car, their first radio, made their first long-distance telephone call, took their first out-of-state vacation. This was the decade when America entered ‘the age of mass consumption.’"
9. "Progressives" were astonishingly blind to Harding’s achievements. Newspaperman William Allen White called Harding "almost unbelievably ill-informed." Historian Allen wrote that Harding’s "mind was vague and fuzzy. Its quality was revealed in the clogged style of his public addresses, in his choice of turgid and maladroit language (‘non-involvement’ in European affairs)." Ironically, Allen wrote this in 1931, when the Great Depression had been going for two years. Harding had the depression of 1920 licked in a year and a half, but under the "progressive" FDR, the Great Depression would persisted throughout the 1930s, until FDR began conscripting millions of young men for the armed forces."
America’s Greatest Depression*Fighter by Jim Powell
http://archive.lewrockwell.com/orig4/powell-jim4.html
http://www.nationalreview.com/articles/226645/not-so-great-depression/jim-powell
Too long.
The little secret here you leave out is that all Harding did was slightly lower the war taxes because, duh, the war was over.
I accept your white flag.
NYcarbineer
Diamond Member
When the Great Depression hit,
the top tax rate was 25%.
So much for lower taxes as the magic bullet for economic prosperity.
1. Here is an interesting visual:
imagine a triple line of the unemployed, three across, consisting of those unemployed under Hoover, in 1931. The line would have gonefrom Los Angeles, across the country, to the border of Maine.
What effect did Roosevelt have on the line?
Well, eight years later, in 1939, the length of the line would have gone further, from the Maine border, south to Boston, then on to New York City, then to Philadelphia, on to Washington, D.C.- and finally, into Virginia.
Folsom, "New Deal or Raw Deal"
Think Folsom was wrong?
Check it out at the US Bureau of the Census, 'Historical Statistics of the United States: Colonial Times to 1970, I-126 andUnemployment Statistics during the Great Depression
Unemployment peaked in 1933, not 1931, you idiot.
- Thread starter
- #296
When the Great Depression hit,
the top tax rate was 25%.
So much for lower taxes as the magic bullet for economic prosperity.
1. Here is an interesting visual:
imagine a triple line of the unemployed, three across, consisting of those unemployed under Hoover, in 1931. The line would have gonefrom Los Angeles, across the country, to the border of Maine.
What effect did Roosevelt have on the line?
Well, eight years later, in 1939, the length of the line would have gone further, from the Maine border, south to Boston, then on to New York City, then to Philadelphia, on to Washington, D.C.- and finally, into Virginia.
Folsom, "New Deal or Raw Deal"
Think Folsom was wrong?
Check it out at the US Bureau of the Census, 'Historical Statistics of the United States: Colonial Times to 1970, I-126 andUnemployment Statistics during the Great Depression
Unemployment peaked in 1933, not 1931, you idiot.
In 1933, it was 12,830,000
After the great job of FDR....in 1938 it fell all the way down to.....
.....10,390,000
March 4, 1933, in his first Inaugural Address, FDR said “Our greatest primary task is to put people to work.”
This meant that the New Deal was a wretched, ill-conceived failure.
PaintMyHouse
Diamond Member
- Banned
- #297
The ND was no failure, it got men working and therefore women and children eating again. It should have been even more aggressive, for longer. We wouldn't have needed WWII to finally get us clear, and that involved massive job creation and government spending.This meant that the New Deal was a wretched, ill-conceived failure.
Dad2three
Gold Member
It roared alright, until the house of cards that created it came to a crashing halt, literally: Causes of the Great DepressionIn case you didn't notice, after GOP presidencies of the 1920's, they never were able to gain the White House for a generation...Because of how they handled the economy...NO they weren't. Democrats brought us out of the great depression created by republican fools! The emerging middle class accumulated wealth that endured and provided a tax base wherever they clustered together in places called... you guessed it.... cities.
And so we travel on down the road of "Great Lies That Liberal Dunces Continue to Believe."
The way "they handled the economy..." was known as the 'Roaring Twenties."
And, of course, Republican President Harding was far superior to Democrat Roosevelt in fighting recessions.
The Roaring Twenties were the period of sustained economic prosperity with a distinctive cultural edge in New York, Montreal, Chicago, Detroit, Paris, Berlin, London, Los Angeles, and many other major cities during the 1920s in the United States, Canada and Europe.
Roaring Twenties - Wikipedia, the free encyclopedia
Wikipedia, the free encyclopediaRoaring_Twenties
Must I teach you obvious things like this each and every day???????
The causes that catapulted the recession into the 'Great Depression' were
1. The actions of the federal reserve
2. The sky-high Smoot-Hawley Tariff
3. The actions of Hoover that were continued by
Roosevelt
4. And, mainly, the abject ineptitude of Roosevelt.
a. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.”
article - AEI
I'd be happy to provide a list of the lies of Roosevelt that magnified and advanced the problems....
...say the word.
I'm SHOCKED, AEI who has tried for decades to rewrite the GOP great depression, misstates the Brooking report?
Hint they said THE National Recovery Admin, NOT the NEW DEAL, "on the whole it retarded recovery."
WHY HOWEVER?
The National Recovery Administration was a prime New Deal agency established by U.S. president Franklin Roosevelt (FDR) in 1933. The goal was to eliminate "cut-throat competition" by bringing industry, labor and government together to create codes of "fair practices" and set prices. The NRA was created by the National Industrial Recovery Act (NIRA) and allowed industries to get together and write "codes of fair competition." The codes were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours, as well as minimum prices at which products could be sold. The NRA also had a two-year renewal charter and was set to expire in June 1935 if not renewed
In 1935, the U.S. Supreme Court unanimously declared that the NRA law was unconstitutional, ruling that it infringed the separation of powers under the United States Constitution.
SHOCKING YOU/THEY WOULD LIE BUBBETTE?
National Recovery Administration - Wikipedia, the free encyclopedia
- Thread starter
- #299
The ND was no failure, it got men working and therefore women and children eating again. It should have been even more aggressive, for longer. We wouldn't have needed WWII to finally get us clear, and that involved massive job creation and government spending.This meant that the New Deal was a wretched, ill-conceived failure.
A response directly from the Magic 8-Ball.
I never expect more from a Liberal.
Take notes:
In 1931, the middle of the Hoover administration, unemployment rate stood at 17.4 %. Seven years later, after five years of FDR, and literally hundreds of wildly ambitious new government programs, more than doubling of federal spending, the national unemployment rate stood at – 17.4 %. At no point during the 1930’s did unemployment go below 14 %. Even in 1941, in the midst of the military buildup, 9.9 % of American workers were unemployed.
Clearly, your Progressive god had feet of clay.
And you can take yours out of your mouth.
Dad2three
Gold Member
It roared alright, until the house of cards that created it came to a crashing halt, literally: Causes of the Great DepressionIn case you didn't notice, after GOP presidencies of the 1920's, they never were able to gain the White House for a generation...Because of how they handled the economy...And so we travel on down the road of "Great Lies That Liberal Dunces Continue to Believe."
The way "they handled the economy..." was known as the 'Roaring Twenties."
And, of course, Republican President Harding was far superior to Democrat Roosevelt in fighting recessions.
The Roaring Twenties were the period of sustained economic prosperity with a distinctive cultural edge in New York, Montreal, Chicago, Detroit, Paris, Berlin, London, Los Angeles, and many other major cities during the 1920s in the United States, Canada and Europe.
Roaring Twenties - Wikipedia, the free encyclopedia
Wikipedia, the free encyclopediaRoaring_Twenties
Must I teach you obvious things like this each and every day???????
The causes that catapulted the recession into the 'Great Depression' were
1. The actions of the federal reserve
2. The sky-high Smoot-Hawley Tariff
3. The actions of Hoover that were continued by
Roosevelt
4. And, mainly, the abject ineptitude of Roosevelt.
a. In 1935, the Brookings Institution (left-leaning) delivered a 900-page report on the New Deal and the National Recovery Administration, concluding that “ on the whole it retarded recovery.”
article - AEI
I'd be happy to provide a list of the lies of Roosevelt that magnified and advanced the problems....
...say the word.
More of your lies. Unemployment peaked in Roosevelt's first year. EVERYTHING got better from then on.
Actually FDR cut it in half, but by 1937 the deficit scolds were bitchin so FDR cut spending by 10% and took US back into the GOP great depression!
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