Refusing to Learn from History…part 435,290
(HT: Patriot Post)
Between 1787 and 1930, our nation suffered both mild and severe economic downturns. There was no intervention to stimulate the economy, but the economy always recovered. During the 1930s, there were massive interventions, starting with President Herbert Hoover and later with President Franklin D. Roosevelt. Their actions turned what would have been a sharp three- or four-year economic downturn into a 10-year affair. In 1930, when Hoover began to ‘fix’ the economy, unemployment was 6 percent. FDR did even more to ‘fix’ the economy. As a result, unemployment remained in double digits throughout the decade and reached 20 percent in 1939. President Roosevelt blamed the high unemployment on his predecessor. … Americans have been miseducated into thinking that Roosevelt’s New Deal saved our economy. That miseducation extends to most academics, including economists, at our universities, who are arrogant enough to believe that it’s possible for a few people in Washington to have the information and knowledge necessary to manage the economic lives of 313 million people.
–economist Walter E. Williams