Well just so were clear,
My argument is the author of WSJ cherry picked data at the worst point of the FDR presidency (economically) to claim that things were worse for longer than they would have otherwise been. Keep in mind, the data doesn't even show that -- its just a picture of things trending downward and then an assertion the depression lasted longer.
I mean just look at some of the dumb shit this think-tank has produced:
Quote:
4. World War II Got the United States Out of the Great Depression
Thanks to the rise of new scholarship, more individuals have come to the realization that the New Deal did not end the Great Depression. Unfortunately, many individuals who acknowledge this unpopular truth fall for another long-standing myth—that World War II got the United States out of the Great Depression.
In the Politically Incorrect Guide to American History, historian Tom Woods explains how considerable capital was diverted toward the production of military equipment to support the war effort. Under normal economic circumstances, these resources would have been used for the production of goods that consumers demanded. Even though military conscription resolved the lingering unemployment problem, the average American was still impoverished due to the vastly diminished capital stock.
If war were truly the answer to economic crises, countries should wage perpetual wars. However, economist Ludwig von Mises put it succinctly that “war prosperity is like the prosperity that an earthquake or a plague brings.”
Shortly after World War II, the private sector finally got breathing room when the top marginal taxes were reduced from 94 to 82 percent and the excess-profits tax was repealed. Ultimately, it was the government’s fiscal constraint and its steps to return to a business-friendly environment that allowed the United States to exit the Great Depression.
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What a retard. He's arguing that lowering the tax -- which was still astronomically higher than it was before FDR -- just happened to create a "pro-business environment." Yea 82% instead of 94% clearly is exclusively the reason we happened to have a big economic boom around world war II...
That's not even close to a credible claim. He doesn't even provide any data or anything
09-05-2018, 04:59 PM
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