Biden's Biggest Blunder

Quote: Evenbob

"The result was that between 1933 and 1939, these government policies— the New Deal—increased prices and wages by about 20 percent. These artificial price and wage increases impeded what should have been a strong recovery from the Depression. They prevented the natural forces of competition from pushing prices down and pushing worker productivity up. Instead, artificially high wages led industry to hire few workers, and high prices reduced demand for products.
If these policies had not been adopted, my research, as well as research by other economists, indicates the economy would have returned to its normal level of employment and output by 1936. In other words, the policies that were supposed to restore prosperity actually prolonged the Depression."

FDR's socialist/communist policies not only did not end the Depression it made it worse by sucking what little air was left out of the economy. It was our increased spending in the private sector to support the war in Europe in the late 1930s that finally got us out of the Depression. People do not realize how much equipment we manufactured and sent to England long before we ever got into the war. Planes and jeeps and tanks and everything else had to be made right here in the USA. Of course this stuff is never taught in Liberal schools anymore.

Quote: AZDuffman

FDR made it a law that if you went to the butcher you had to take the first chicken on display, you were not allowed to say you wanted the third one over. Many of that kind of regulations. What on earth does not allowing you to take the chicken you want have to do with ending the Great Depression?

Quote: missedhervee

Things had gotten a lot better by 1936, but back slid in 1937; things normalized more or less by 1939 / early 1940, before we entered WWII.

Quote: rxwine

No surprise that you guys give no credit at all to FDR

Quote: AZDuffman

Normalized by 1939 due to ramp-up for WWII. Everyone knows this. FDR made a regular depression the Great Depression.

Quote: rxwine

You didn't actually study history did you?

Even as FDR was sworn is, the banking system had already collapsed, unemployment was 23%, and productivity was down a 1/3 from 1929.

Quote: AZDuffman

Which is a normal depression. It got worse after FDR took office and then under him it became "Great."