George Will mocks Krugman's Nobel

ThinkProgress.org

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News & Politics

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• George Will
• Paul Krugman

[lumpinwomper]

Morgenthal didn't support the New Deal, but did support the disastrous tax increases that led to the second downturn of the 1930's. The deficit was NOT the problem in the 1930's--- and it certainly was not helped by inducing a recession. This is a point present day austerity advocates consistently fail to address: how do you solve a deficit problem when you destroy a country's ability to pay off its debt?

[svvmichael1]

@lumpinwomper Morganthal DIDN'T support the New Deal, and was against the massive crippling debt it put on the economy. The New Deal is the reason non-farm unemployment NEVER fell below 20%. If they had let the free market alone the depression would've been over in '34, instead crippling taxes, massive spending, and crushing debt on top of destructive regulations kept the economy in the toilet. Friedman has proven it so.

[lumpinwomper]

@svvmichael1

Morgenthal was the leading advocate for the tax increases that produced the recession of 1937. His goal was to balance the budget instead of growing the economy (sound familiar?).

Also, beware of some of the bogus unemployment stats (Amity Shlaes) regarding the Depression. Historian Eric Rauchway has a good post on that on his The Edge of the American West blog (Nov 6, 2008 post).

[svvmichael1]

@sfjeff1089 BTW, isn't it funny you won't talk about FDR's SecTreasury Morgenthau who said "I say after eight years of this Administration we have just as much unemployment as when we started. ... And an enormous debt to boot." ABOUT HIS OWN PRESIDENT!!!!!!!!!!!!!!!!!! Did you know that FDR allowed hundreds of people to die building Hoover Dam just so he'd have a monument to his failed socialist policies?

[svvmichael1]

@sfjeff1089 I proved beyond a shadow of a doubt that you are wrong and I am right. "New Deal or Raw Deal?: How FDR's Economic Legacy Has Damaged America" more proof. Even more " FDR's programs didn't succeed in pushing unemployment below 20 percent." You can google these articles and see mountains of graphs. The growth of '22-'29 far surpasses '34-'41 and has 1/3 the unemployment and 58% of the taxes. Taxes are theft, and anyone advocating high taxes is a lazy, jealous loser.

[sfjeff1089]

@svvmichael1 Show me a single graph.

Are you saying you never heard of the bucket shops or all the fly-by-night real estate companies in the 20's? You have yet to show a single iota of proof of your position.

No, our big debt jump was in 1942 - 1945, NOT in 1939. Was war spending 0 in 1939? Of course not. But it was small enough to not push the debt up significantly.

debt: bit .ly/zRFTwe

growth spike: bit .ly/v83Eo7

growth per capita: bit .ly/sS0Tib

another GDP: bit .ly/xULhTH

[svvmichael1]

@sfjeff1089 1939 to 1942 were WAR YEARS. We ramped up defense production starting in July/Aug 1939. BTW, Wikipedia is the resource for lazy, stupid people. Anyone can post/change a wikipedia entry. I use gov't sites, and scholarly sites. You can even google them. Plus the 20s had almost NO fake asset growth. That wouldn't even count in GDP which measures consumption, investment, and gov't spending. You lose again.

[sfjeff1089]

@svvmichael1 Show me a single graph.

[sfjeff1089]

@svvmichael1 Re: WWII solving the great depression. You are welcome to provide evidense. I have provided mine and it says we had over 30% growth in the 3 years before we entered the war.

Here is another graph from wikipedia. It says GDP increased from about 570 in 1922 to about 830 at the 1929 peak. From 1933 - 1940, it went from around 600 to 980. Numbers are in Billions of 1999 dollars. Keep in mind, 1920s had a lot of fake asset money growth.

Remove the space from bit .ly/xULhTH

[svvmichael1]

@sfjeff1089 You have been so soundly defeated you need to slink away leftist.