He’s going to have to spend money, but it won’t be enough.

In 1921, prices were just at 103.7% of prices in 1929, with only minor fuctuations in between, like a bump up to 102.1% in 1926 [Milton Friedman and Anna.

and that nevertheless the rate of mortality would have diminished to one-half,...
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fracking revolution was getting under way, opined that America was "just a bystander" in a global energy story defined by "peak oil"; and, who, in 2012, hailed economy as a "remarkable sucess story" -- this guy now tells us, in Rolling Stone magazine, that Barack Obama has been a terrific president.


Then the Democrats will come in.

Wages must not come down, they must not even stay on their present level; they must go up.
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Indeed, what is the most misleading about Scrooge McDuck or Charles Montgomery Burns is that we get no sense of what would enable them, as persons, to run businesses or make money.


Barro (Harvard), "Keynesian Economics vs.

They explained his election victory in 1936 as the result of his alliance with labor unions, which is probably in part true, but then it explained his alliance with the labor unions as the result of a new understanding that "workers are consumers also," so that wage raises would enable them to buy more, stimulate the economy, end the Depression, etc.

The missing piece is a global growth agenda led by a U.S.

The mythology and bad economics that attend our understanding of Roosevelt was reinforced in one of the episodes run by ABC News, as part of a series looking back on events of the 20th Century.

The natural or default minimum wage is not any positive number.

A program of driving up wages was not something that suddenly occurred to FDR in 1936, it had been the constant policy, not just of FDR, but of Herbert Hoover before him, as can be seen merely in the quotes given above.

The response of capitalism is to increase production.

Indeed, there were limits to what Hoover was willing to do: he did not believe the federal government should make direct payments to private individuals or seize unconstitutional powers to completely control finance, business, and commerce.

The response of political culture is rationing.

The irony is that the New Deal policies did not work (if their purpose was to end the Depression, rather than just expand the power of government or open the way for socialism); and if Hoover "anticipated" Roosevelt's policies, this means that the Depression was when Roosevelt continued and expanded the very devices by which it was created in the first place.