The New Deal prolonged the Great Depression.

[EconomicLiberal]

The only thing that saved us from the Great Depression was World War II.

(this is the story line, according to the far right).

Does anybody else find it funny that conservatives, albeit indirectly, admit that government spending got us out of the Great Depression (war bonds), which is contrary to the theory that they've tried to shove down our throats for 60 years (that government prolonged the Great Depression)?

[Idealism]

1. Hypocrisy knows no bounds among the GOP

And ignorance is not quantifiable.

[FiveGoodMen]

12. "ignorance is not quantifiable" -- but there's a symbol for it that looks like an eight lying down

[Idealism]

14. Quite right, sir.

[Turbineguy]

2. The far right.

Would they be the ones who supported the economic mumbo-jumbo that got us into this mess? So having gotten us in, we should reasonably expect they have a suggestion for getting us out?

[PetrusMonsFormicarum]

5. I, for one

am done with any suggestions they may offer.

As far as I'm concerned, they can all go home and wait for the doorbell (subpoenas being served) or the splintering front door (Fed raid).

[kenny blankenship]

3. So they are for a completely centrally planned economy? That's quite a change from the old RW

WWII gave us a COMPLETELY centrally planned economy much like the USSR. The govt told industry what to build and how much and how to pay their labor. Citizens were told how much they could consume of key commodities right down to dietary staples and prosecuted for evading the rules. While I always knew the RW was as hostile to the notion of civil liberties as Joey Stalin, I never thought they would also go for state control of industry.

I guess the times are a-changin'!

[DBoon]

4. a 1994 UCLA Economics paper

I read it, was worthless

Basically saying high wages held up unemployment rates, prolonging the depression.

The high wages were supposed to have been caused by National Recovery Administration regulations

The NRA was, however, declared unconstitutional by the Supreme Court before any of its regulations could take hold.

The argument in the paper was that the mere possibility that the NRA could raise wages was enough to cause the effect

Someone better versed in econ needs to publish a critique of this paper for public consumption

[Uncle Joe]

6. They're definitely wrong on the first count and partially wrong on the second..

1. The New Deal did in fact start pulling us out of the Depression.

2. It wasn't just our spending on war that pulled us out. it was the rest of civilization's destruction which made us wealthy by comparison.

However the difference between using those two dynamics in moral terms as a matter of economic policy is astronomical, whereas the first builds the people and society up, the second only tears them down.

[Zynx]

7. WWII proved FDR's recovery plan was too small.

FDR really only spent 2-3% of 1929 GDP on recovery programs.

[unpossibles]

8. I'd love to know how

Also, just because the economy took time to recover doesn't mean the New Deal did not work. It's like driving at 80 and saying the brakes didn't work because you did not stop immediately.

[ColbertWatcher]

9. Spending ended the Great Depression.

We just happened to spend money on building up the military, but it was spending.

Here's hoping we get out of this depression by spending on infrastructure and cities and healthcare.

[Fire_Medic_Dave]

10. Don't forget about he banks and the auto-makers.

[ColbertWatcher]

13. I don't remember President-elect Barack Obama authorizing those expenditures. n/t

[lurky]

11. In WWII, there was a 94% tax rate on people making over $200K.

That's not a typo. I said 94%.

Apparently, Republicans think taxing the rich into oblivion is the way to economic salvation. Who woulda thunk it?

:evilgrin: :evilgrin: :evilgrin: