Difference between revisions of "User:Jers/blog/2011/11/27/What Fixed the Great Depression Really"
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Note: the date of this post was set to the date of the newspaper article on which it comments, since I don't know when the post was actually written. | * '''Note''': the date of this post was set to the date of the newspaper article on which it comments, since I don't know when the post was actually written. | ||
* '''Original''': [https://docs.google.com/document/d/1S-PLkbS2PFfNQC0gwduh-GYO5PNzW7pADIqmwmKJky4/edit?hl=en_US Google Docs] | |||
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Revision as of 23:06, 18 April 2012
Our Greatest Generation presid … <blockquote>Our Greatest Generation president, FDR, drove unemployment down from 25% to 15% [!] during the ‘30s using this recipe [government spending on infrastructure, etc.]. Some make the point that WW2 ended the Great Depression…That’s true, but only because the war required the government to raise money to build the infrastructure for war...</blockquote> (Frank Hyman, p 1A Raleigh News & Observer, December 2011)This is a common view of the cause and cure of the Great Depression, but it needs a little unpacking. First, the reduction in unemployment from 25% to 15% during FDR’s tenure still leaves it at ludicrously high levels. If FDR prescribed a cure, it was only slightly better than the disease. WW2 did the job, though.han the disease. WW2 did the job, though. +