Songs that are “golden oldies” have much less pleasant counterparts in politics— namely, ideas and policies that have failed disastrously in the past but still keep coming back to be advocated and imposed by government. Some people may think these ideas are as good as gold, but brass has often been mistaken for gold by people who don’t look closely enough.
One of these brass oldies is the idea that the government can and must reduce unemployment by “creating jobs.” Some people point to the history of the Great Depression of the 1930s, when unemployment peaked at 25 percent, as proof that the government cannot simply stand by and do nothing when so many millions of people are out of work.
If we are going to look back at history, we need to make sure the history we look at is accurate. First of all, unemployment never hit 25 percent until after— repeat, AFTER— the federal government intervened in the economy.
What was unemployment like when the federal government first intervened in the economy after the stock market crash of 1929? It was 6.3 percent when that first intervention took place in June 1930— down from a peak of 9 percent in December 1929, two months after the stock market crash.
Unemployment never hit double digits in any of the 12 months following the stock market crash of 1929. But it hit double digits within 6 months after government intervention— and unemployment stayed in double digits for the entire remainder of the decade, as the government went in for one intervention after another.
The first federal intervention in June 1930 was the passage of the Smoot-Hawley tariffs by a Democratic Congress, a bill signed into law by Republican President Herbert Hoover. It was “bipartisan”— but bipartisan nonsense is still nonsense and a bipartisan disaster is still a disaster.
The idea behind these higher tariffs was that reducing our imports of foreign goods would create more jobs for American workers. It sounds plausible, but more than a thousand economists took out newspaper ads, warning that these tariffs would be counterproductive.
Obama asks conservatives to name a plan that will help the economy, jobs, and the national debt. The plan is simple: repeal everything Obama has done, and cut taxes.
When will we ever learn? I sometimes wonder why we even bother to study history.
A closer look and we see what is going on. Those in charge are not stupid or ignorant. They are following a carefully laid out plan to gain control over you and me. The name of the game is power. They play on people's economic ignorance by giving us half truths that appear to be logical and promising that all will be be well if you only let me be in charge.
Our leaders, for a large part, have been and are greedy individuals with the intent on gaining more personal power. In my mind, there seems to be little difference between the present crop and the infamous dictators of the past.
I told my son whan he was in high school to study history so that he would not make the same mistakes his old man did.
The same mentality (progressive/Marxist ideology) that seeks to grow its power at the expense of the individual and the private economy, also dominate those areas which convey knowledge and information: education, entertainment, the media and much of the bureaucracy at all levels of government.
When will they ever learn? Democrats are SO DUMB.
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