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ABIGAIL REPORTS's avatar

The Hoover-Roosevelt Depression

Macroeconomic model builders have finally realized what Henry Hazlitt and John T. Flynn (among others) knew in the 1930s: FDR’s New Deal made the Great Depression longer and deeper. It is a myth that Franklin D. Roosevelt “got us out of the Depression” and “saved capitalism from itself,” as generations of Americans have been taught by the state’s educational establishment.

On top of that, virtually every single one of FDR’s “New Deal” policies made things even worse and prolonged the Depression. Austrian economists have known this for decades, but at least the neoclassical model builders have finally caught on—we can hope.

In short, it was capitalism that finally ended the Great Depression, not FDR’s hair-brained cartel, wage-increasing, unionizing, and welfare state-expanding policies.

Free-market capitalism is what is needed to generate real recovery from the current Great Recession. Slow recovery, or a double-dip recession, will be the future with the continuation of the Fed-supported Bush-Obama hare-brained Keynesian stimulus spending, accompanied by war and welfare state expanding policies which are again generating significant regime uncertainty.

https://mises.org/library/hoover-roosevelt-depression

The same applies to Biden's Trillions of $$ spending, most of it on the Ukraine and Mexican border crisis. After Covid which turned into a windfall for Pharma, Politicians, hospitals, doctors, and food Producers. Price increases. His piddly 8.7% SS COLA RAISE WON'T COVER FOOD COST! You will require an additional source of income, like your old age savings if you still have any. Seniors didn't qualify for all those freebies he handed out, they had grown adult children or no children. So just got one.

Wonder what the supposed Senior bonus will be? It's income-based.

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We were in the Tornado swarm last week. California Snowpack at 221% of Normal, Among Deepest Ever

https://www.breitbart.com/politics/2023/04/05/california-snowpack-at-221-of-normal-among-deepest-ever/

A dried-up Cali Lake from water diversion has reappeared. Tulare Lake Returns to California, Threatening Global Food Supply

https://www.breitbart.com/economy/2023/04/03/tulare-lake-returns-to-california-threatening-global-food-supply/

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