“The economy will recover any day now, swear to Gawd!”
A report published about four years ago by UCLA economists, Lee and Ohanian, stated that the “Great Depression” would have ended around 1934 if the Roosevelt administration hadn’t intervened. The report said that, in spite of massive Federal intervention, the Depression did not officially end until mid-1943, in the midst of the Second World War. Treasury Secretary Henry Morganthau admitted to Congress in 1937 that massive Federal spending had done little if anything to ameliorate the economic problems afflicting the nation.
Comment by Thunderbottom — February 22, 2013 @ 10:55 am
Would have been underway if someone hadn’t been voted back in…
My wife is in the high-end retail construction/development business and coming down to November all the high-rollers were gearing up to go nuts this spring. Now that the election has passed and we got the bad news, lots of projects are getting delayed, scaled back or cancelled. Some stuff is going forward but we’re going to limp on for another four years.
Even worse, there is every indication that Hillary will sweep the next one, too. Unless there is positive movement in the next Congressional elections, we’re looking at a twenty year period of malaise…
Comment by DougM (Progophobe) — February 22, 2013 @ 11:10 am
In 1919 the British government adopted the Ten Year Rule, which was an assumption that any major war was at least ten years away and all services were held to that assumption in their budget projections. Needless to say it became an excuse to not modernize the military and was simply automatically renewed every year. It was not formally abolished until 1932, which is why WWII didn’t begin until 1942.
Comment by Steve Skubinna — February 22, 2013 @ 11:29 am
who determines what data they see.
Exactly mojo. GIGO.
Comment by dick, not quite dead white guy — February 22, 2013 @ 1:47 pm
Didn’t the CBO say it identified six times as much as the sequester in waste alone?
Waste is more important to Obama than firefighters and petting zoos.
If the spending increases are cut, God will kill a Domo-Kun. EXTERMINATE! EXTERMINATE! EXTERMINATE!