"That means, everyone who got a job during the Great Depression via the Works Progress Administration (WPA) or Civilian Conservation Corps (CCC), or any other of Roosevelt's popular New Deal workfare programs, doesn't get counted as employed in the statistics used by Cole, Ohanian and Shlaes."
Well, that's some bullshit right there.
Not just in terms of employment, but in terms of production, now that I'm looking over the numbers, things went well in FDR's first term. It took us four years (1929-1933) to hit bottom and four years to recover (1933-1937) to 1929 levels of production. That's a fair recovery in a decent amount of time.
Presenting the benefits of a move away from a "hard" currency standard under specific conditions does not imply a broad favor of one monetary system or another. If you want to refute the claims, refute them and give arguments and evidence.
Comments 5
So, essentially we are observing for the second time that capitalism/the free market doesn't work. y/n?
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Well, that's some bullshit right there.
Not just in terms of employment, but in terms of production, now that I'm looking over the numbers, things went well in FDR's first term. It took us four years (1929-1933) to hit bottom and four years to recover (1933-1937) to 1929 levels of production. That's a fair recovery in a decent amount of time.
Real GDP per capita
1925 $6,475
1926 $6,806
1927 $6,777
1928 $6,771
1929 $7,099
1930 $6,418
1931 $5,960
1932 $5,152
1933 $5,056
1934 $5,567
1935 $6,021
1936 $6,761
1937 $7,065
1938 $6,769
1939 $7,256
1940 $7,827
1941 $9,079
1942 $10,644
1943 $12,220
1944 $13,053
1945 $12,766
http://www.measuringworth.org/usgdp/
But what this whole Did ( ... )
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