You asserting your conviction without addressing my questions?
Nothing I asked needs you to quote Cabinet Members or cite numbers and figures... just tell me WHY the GDP showed such an over-all UPWARD trend (faster and higher than prior to the crash) for 75 out of 84 months during the entire "era" you so laboriously described. What propelled the economy to heights never before reached in such a short amount of time... even if some aspects of society failed to adjust or recover completely?
I have not dismissed ANYTHING you have said... not a word. All facts and figures that you have brought to this table have been taken for exactly what they are: fact. For example, I do not doubt that 50% of new businesses failed between 37 and 39... just as I know that Morgantheau abandoned FDR's policies when he saw that they were not following the Keynesian mandates of budgetary restraint when the GDP and the markets recover. I haven't denied ANY aspect of the trials and tribulations that were experienced during the 1930s, and I certainly haven't used my argument to say that the New Deal SOLVED every problem brought on by the depression. Quite the opposite, in fact.
So, my question stands: If not some aspect of the New Deal, then what? What accounts for the recovery I have clearly shown to have occurred PRIOR to the US's involvement in WWII (or even before the Lend-Lease contracts kicked in... another New Deal program that both directly contributed to HELPING the economy of the US and assisted in the defense of Great Britain)?
If SOME policy of FDR's worked, then how do we label the entire pre-war administration's efforts as a "failure"? I KNOW you agree with me on the impact that the Italian campaign had on the war effort, but we all agree that mistakes were made. Should we label FDR's war policies a failure because we NEVER fully liberated Italy before the end of the war (as the policy he supported stated we would)?
It is my contention that Keynesian theory WORKS, when applied with reasonable expectations and an understanding that debts incurred do, eventually, have to be paid back (regardless of where those debts come from... peace time or war time). FDR knew this. Ike knew this. Nixon knew this. Reagan knew this. Clinton knew this.
Why does Ryan NOT know this?
Wednesday, February 18, 2009
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