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Thread: The Real Story About What Ended the Great Depression

  1. #1
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    The Real Story About What Ended the Great Depression

    The Real Story About What Ended the Great Depression (Hint: It Wasn’t the New Deal)



    My seventh-grade son recently wrote a U.S. History paper extolling the virtues of President Franklin Roosevelt’s New Deal. “It ended the Great Depression,” he wrote with great certainty. He’s only 12 and parroting what the history texts and his teachers told him.

    That’s his excuse. What’s Ken Burns’?

    Mr. Burns’ docudrama on the Roosevelts—for those who weren’t bored to tears—repeats nearly all the worn-out fairy tales of the FDR presidency, including what I call the most enduring myth of the 20th century, which is that FDR’s avalanche of alphabet-soup government programs ended the Great Depression. Shouldn’t there be a statute of limitations on such lies?

    Ask nearly anyone over the age of 80, and they will say that FDR cared about the working man and “gave the country hope,” a point that Mr. Burns emphasizes. Roosevelt exuded empathy, which isn’t a bad thing—remember Bill Clinton’s memorable line “I feel your pain”?—but caring doesn’t create jobs or lift gross domestic product.

    Nor does spending government money revive growth, despite the theories put into practice by the then-dean of all economists, John Maynard Keynes. Any objective analysis of these facts can lead to no other conclusion. U.S. unemployment averaged a rate of 18 percent during Roosevelt’s first eight years in office. In the decade of the 1930s, U.S. industrial production and national income fell by about almost one-third. In 1940, after year eight years of the New Deal, unemployment was still averaged a god-awful 14 percent.



    Former President Franklin D. Roosevelt and his wife Eleanor with their Scotch terrier Fala on the terrace of his house in Hyde Park, New York. (Photo: Newscom)
    Think of it this way. The unemployment rate was more than twice as high eight years into the New Deal than it is today, and American workers now are angry as hornets. Imagine, if jobs were twice as scarce today, the pitchforked revolt that would be going on. This is success?

    Almost everything FDR did to jump-start growth retarded it. The rise in the minimum wage kept unemployment intolerably high. (Are you listening, Nancy Pelosi?) Roosevelt’s work programs like the Works Progress Administration, National Recovery Administration and the Agricultural Adjustment Administration were so bureaucratic as to have minimal impact on jobs. Raising tax rates to nearly 80 percent on the rich stalled the economy. Social Security is and always was from the start a Madoff-style Ponzi scheme that will eventually sink into bankruptcy unless reformed.

    The cruel irony of the New Deal is that the liberals’ honorable intentions to help the poor and the unemployed caused more human suffering than any other set of ideas in the past century.

    The most alarming story of economic ignorance surrounding this New Deal era was the tax increases while the economy was faltering. According to economist Burt Folsom, FDR signed one of the most financially devastating taxes: “On April 27, 1942, he signed an executive order taxing all personal income above $25,000 [rich back then] at 100 percent. Congress balked at that idea and later lowered it to 90 percent at the top level.” The New Dealers completely ignored the lessons of the 1920s tax cuts, which just a decade before had unfurled an age of super-growth.

    Then there was the spending and debt barrage. Federal spending catapulted from $4.65 billion in 1933 to nearly $13.7 billion in 1941. This tripling of the federal budget in just eight years came at a time of almost no inflation (just 13.1 percent cumulative during that period). Budget surpluses during the prosperous Coolidge years became ever-larger deficits under FDR’s fiscal reign. During his first term, more than half the federal budget on average came from borrowed money.

    The cruel irony of the New Deal is that the liberals’ honorable intentions to help the poor and the unemployed caused more human suffering than any other set of ideas in the past century.

    What is maddening is that thanks to this historical fabrication of FDR’s presidency, dutifully repeated by Mr. Burns, we have repeated the mistakes again and again. Had the history books been properly written, it’s quite possible we would never had to endure the catastrophic failure of Obamanomics and the “stimulus plans” that only stimulated debt. The entire rationale for the Obama economic plan in 2009 was to re-create new New Deal.

    Doubly amazing is that at this very moment, the left is writing another fabricated history — of the years we have just lived through. The history books are already painting Obama policies as the just-in-time emergency policies that prevented a Second Great Depression. I wonder if 80 years from now, the American people will be as gullible as they are today in believing, as my 12-year-old does, that FDR was an economic savior.

    http://dailysignal.com/2014/09/28/ne..._medium=social

  2. #2

    Re: The Real Story About What Ended the Great Depression

    Ken Burns is top notch.

  3. #3

    Re: The Real Story About What Ended the Great Depression


  4. #4
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    Re: The Real Story About What Ended the Great Depression

    How'd I know a Dumbass would try to refute the truth

    The Reality of the Wartime Economy: More Historical Evidence on Whether World War Il Ended the Great Depression

    http://papers.ssrn.com/sol3/papers.c...act_id=2095699

    From the above

    By the late 1930s, the country had already experienced nearly a decade of depression.
    The future remained bleak, as fighting in Europe had continued to escalate. The New Deal had
    failed to restore private investment to its pre-depression levels, and unemployment rates still
    hovered around ten percent. Higgs argued that FDR’s “bold experimentation” in the form of the
    numerous expansions of government power associated with both the first and second New Deals,
    coupled with his hostile rhetoric toward business, had caused the private sector to remain
    unwilling to invest in job-creating capital. However, late in his second term, FDR made yet
    another shift in his policies, bringing on a new set of advisors. By 1940, he had abandoned
    nearly all of his advisors responsible for the New Deal social reforms and replaced them mostly
    with businessmen. This switch was likely motivated by Roosevelt’s concerns regarding
    reelection and also as preparation for wartime production (Shlaes 2007). Knowing he would
    need private sector cooperation for any U.S. involvement, Roosevelt sought to improve his
    strained relationship with the business community.

  5. #5

    Re: The Real Story About What Ended the Great Depression

    To truly get out of the recession, the war had to end and production needed to revert to consumer goods rather than wartime goods. It wasn't until approximately a year after the war ended that the country truly began to emerge from the depression. Government was able to curtail its spending on production and companies that had produced the war goods had to retool in order to get much needed consumer goods on the market. People had scrounged and saved for nearly 5 years, unable to buy many new consumer goods, and were ready to spend their money.

    If the government is creating all of the means of production, numbers as they relate to recovery are not real numbers. Its not until the government can step back away from financing production that real recovery can begin.
    Those who can make you believe absurdities can make you commit atrocities.


    Voltaire (1694 - 1778)

  6. #6

    Re: The Real Story About What Ended the Great Depression

    It's interesting...I did not take away from Burns' mini-series that the New Deal was responsible for pulling the US out of the Great Depression. Funny, I recall being taught that teh New Deal programs were not succeeding and it wasn't until the war that there was a rapid ascension out of the depression.

  7. #7

    Re: The Real Story About What Ended the Great Depression

    I also wonder how much of our post WWII prosperity resulted from the fact that much of Europe was in ruins. Japan as well. Those countries had to rebuild at home, so much of our competition was wiped out at least temporarily.

  8. #8
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    Re: The Real Story About What Ended the Great Depression

    I think the answer is to print money non-stop. And add as much to the national debt as we possibly can...

    Said no sane person,...ever....

  9. #9

    Re: The Real Story About What Ended the Great Depression

    Quote Originally Posted by michael222
    I also wonder how much of our post WWII prosperity resulted from the fact that much of Europe was in ruins. Japan as well. Those countries had to rebuild at home, so much of our competition was wiped out at least temporarily.

    That did still fund a few of the industries still intact who may have provided supplies to both countries as a means of rebuilding. For Japan, rebuilding was less of an issue except in those areas hit by the bomb. We did do some mainland bombing but probably not to the extent of what was done in Europe. Also, the allies were only going to rebuild those areas not taken up by the Russians since the allies were pretty much told to not cross the line into the Russian zones.
    Those who can make you believe absurdities can make you commit atrocities.


    Voltaire (1694 - 1778)

  10. #10

    Re: The Real Story About What Ended the Great Depression



    You can see the same reversal of his effective policies as in my chart above around the time of the 1936 election as Roosevelt tried cutting spending. Clearly both unemployment and GDP were heading in a good direction before WWII began.

  11. #11
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    Re: The Real Story About What Ended the Great Depression



    Skeet Skeet Skeet

  12. #12

    Re: The Real Story About What Ended the Great Depression

    Quote Originally Posted by wordjazz


    You can see the same reversal of his effective policies as in my chart above around the time of the 1936 election as Roosevelt tried cutting spending. Clearly both unemployment and GDP were heading in a good direction before WWII began.
    Yep, and what finally shocked the US out of it for good was the unprecedented increase in government spending that occurred after Pearl Harbor.
    You shut your mouth when you're talking to me!

  13. #13
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    Re: The Real Story About What Ended the Great Depression

    cough cough bullsh!t

  14. #14

    Re: The Real Story About What Ended the Great Depression

    Quote Originally Posted by wordjazz


    You can see the same reversal of his effective policies as in my chart above around the time of the 1936 election as Roosevelt tried cutting spending. Clearly both unemployment and GDP were heading in a good direction before WWII began.

    You do realize his policies extended the depression longer than it would have lasted had things been left alone? In fact, Roosevelt had to deal with a recession in 1938 up to prior to the start of the war. But that doesn't fit your narrative so its irrelevant.
    Those who can make you believe absurdities can make you commit atrocities.


    Voltaire (1694 - 1778)

  15. #15

    Re: The Real Story About What Ended the Great Depression

    Quote Originally Posted by NoleGrad83
    Quote Originally Posted by wordjazz


    You can see the same reversal of his effective policies as in my chart above around the time of the 1936 election as Roosevelt tried cutting spending. Clearly both unemployment and GDP were heading in a good direction before WWII began.

    You do realize his policies extended the depression longer than it would have lasted had things been left alone? In fact, Roosevelt had to deal with a recession in 1938 up to prior to the start of the war. But that doesn't fit your narrative so its irrelevant.

    The data is clear and doesn't support your wishful narrative. I noted the dip after the 1936 election and it was due to efforts to balance the budget. Here's the history pay by an economist who worked in the Bush and Reagan white houses.

    http://economix.blogs.nytimes.com/2011/ ... s-of-1937/

  16. #16
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    Re: The Real Story About What Ended the Great Depression

    lol I love revisionist history

    **** lives on it.

    From the OP

    What is maddening is that thanks to this historical fabrication of FDR’s presidency, dutifully repeated by Mr. Burns, we have repeated the mistakes again and again. Had the history books been properly written, it’s quite possible we would never had to endure the catastrophic failure of Obamanomics and the “stimulus plans” that only stimulated debt. The entire rationale for the Obama economic plan in 2009 was to re-create new New Deal.

    Doubly amazing is that at this very moment, the left is writing another fabricated history — of the years we have just lived through. The history books are already painting Obama policies as the just-in-time emergency policies that prevented a Second Great Depression. I wonder if 80 years from now, the American people will be as gullible as they are today in believing, as my 12-year-old does, that FDR was an economic savior.

  17. #17

    Re: The Real Story About What Ended the Great Depression

    The correct answer to what ended the depression was the death of FDR. Read Robert Higgs and Regime Uncertainty if you wish to learn more.

  18. #18

    Re: The Real Story About What Ended the Great Depression

    I didn't know he died in 1933, which is when both GDP and employment made drastic reversals from their plunges during Hoover.

  19. #19
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    Re: The Real Story About What Ended the Great Depression

    Quote Originally Posted by wordjazz
    I didn't know he died in 1933, which is when both GDP and employment made drastic reversals from their plunges during Hoover.

    Damn your stupidity knows no bounds....

  20. #20

    Re: The Real Story About What Ended the Great Depression

    Quote Originally Posted by wordjazz
    Quote Originally Posted by NoleGrad83
    Quote Originally Posted by wordjazz


    You can see the same reversal of his effective policies as in my chart above around the time of the 1936 election as Roosevelt tried cutting spending. Clearly both unemployment and GDP were heading in a good direction before WWII began.

    You do realize his policies extended the depression longer than it would have lasted had things been left alone? In fact, Roosevelt had to deal with a recession in 1938 up to prior to the start of the war. But that doesn't fit your narrative so its irrelevant.

    The data is clear and doesn't support your wishful narrative. I noted the dip after the 1936 election and it was due to efforts to balance the budget. Here's the history pay by an economist who worked in the Bush and Reagan white houses.

    http://economix.blogs.nytimes.com/2011/ ... s-of-1937/

    You need to quit swallowing the party line from the liberal historians and expand your horizons. Most of what you've read sounds pretty well fabricated.
    Those who can make you believe absurdities can make you commit atrocities.


    Voltaire (1694 - 1778)

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