Many words have been written over the Great Depression and how the massive spending by FDR did not help, and it was the even more massive spending of WWII that finally broke the cycle. One of my favorite blogs LaMarotte recently tackled this subject.
I think he is nearly right on this, but I also think he has missed a crucial bit of information. Information he has elsewhere on his blog.
I think he is nearly right on this, but I also think he has missed a crucial bit of information. Information he has elsewhere on his blog.
The missing ingredient in FDR stimulus and the current stimulus failures we have been experencing here in the US is confidence.
There is no doubt in my mind that the massive spending of WWII did not pull the US out of the Great Depression, but it was a combination of that spending backed by the bottomless enthusiasm of a country that had just Saved the World. Most of those sent over seas would have been the least employable in the Depression: Young, unskilled, and disadvantaged.
They came back rightly possessed of the belief they could do anything... and they did.
No comments:
Post a Comment