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Have any supporters of the Stimulus package heard of the 1921 recession?
Everyone has heard of the Great Depression, but few have heard of the 1921 recession caused by the end of WWI. Its a fascinating point in history that shows how the government handled a recession and avoided a depression. Basically the government CUT SPENDING and CUT TAXES.... an amazing concept that turned the recession into the "roaring 20's" versus the 1929 recession that became the Great Depression due to the New Deal which is quite similar to the current stimulus package.
Paul Grass, you are correct it did begin in 1920, but history calls it the 1921 Recession (doesn't make sense to me either). I wonder what they will call this one...the current recession started in 2008, yet the panic is in 2009... Thank You for your contribution
Trisha M, I have note heard of the 1893 depression, can you add a link to your answer? I am interested in learning.
Hopefully the lack of backlash means people are reading the link I attached.
manofwow, there actually is plenty of data on this to make an informed decision and they apply very well to the current situation. These just happen to be the big ones... there are more recent ones from 2000 and the early 1980's, they were not as big of news because they recovered quickly.
10 Answers
- Anonymous1 decade agoFavorite Answer
Obviously they hadn't it actually began in 20 aand was fixed as you point out by allowing it to fix it self
- 5 years ago
When Obama tries to con the people by cooked up numbers to make his case and the Congressional Budget Office shows the real numbers, it is very scary the level of spending Obama and his Demobots are getting away with. As a % of GDP the spending ranks right up there with Zimbabwe and other glorious economies. "Federal outlays will soar in fiscal 2009 to $4 trillion, or 27.7% of GDP, from $3 trillion or 21% of GDP in 2008, and 20% in 2007. This is higher as a share of the economy than any year since 1945, when the country was still mobilized for World War II. It is more spending by far than during the Vietnam War, or during the recessions of 1974-75 or 1981-82."
- amaloneLv 51 decade ago
I agree with you there. The concern I have is that we are now in a global economy and it's harder to pull through. I still believe it is a better choice than the current plan or New Deal 2.
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- Anonymous1 decade ago
Pelosi and Obama will never do that as it's their time to show the WORLD that Socialism and Liberalism really works.
Thank You for putting up some facts!
- 1 decade ago
There is so little history in regards to economic collapses that there isn't really much to go on. All these examples from the past are interesting but so very different from the present problem that they are hardly relevant.
- Omega57Lv 41 decade ago
The supporters are not interested in learning from history, they only want new ideas or more specifically, ideas that fit their ideology.
- damond hLv 61 decade ago
Well, if you didn't notice... The democrats aren't very well versed in history.