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Beltway Boys Claim New Deal Didn’t Work But Reaganomics Did

December 28, 2008

Time for a trip down the memory is really F__ked up lane, brought to you by your local kool-aide distributor Fox Fake News.

As Kondracke and Barnes push forth the theory of how President Obama’s economic stimulus will be as bad for the economy as FDR’s new deal was.  The fun time came when  they could not help themselves from taking that kool-aid sipping stroll down Reaganomics lane of BS.

Who could forget that during Reagan’s time how taxes increased, the deficit ballooned, and unemployment increased while job growth decreased.  Yes what fond memories of the good times gone by.   Fox Fake News just isn’t satisfied unless they can be categorized as nothing but complete BS.

The fact is, facts simply aren’t relevant to Republicans, since their economic views and objects of veneration are more appropriate to a religious cult than intellectual rigor. (You might want to get Will Bunch’s new book for a look at this phenomena – and why it’s so important.)

New York Times economic writer Daniel Gross debunks the wingnut mythology here:

It was only with the passage of New Deal efforts–the SEC, the FDIC, the FSLIC–that the mechanisms of private capital began to kick back into gear. Don’t take it from me. Take it from Federal Reserve Chairman Ben Bernanke, who wrote the following in Essays on the Great Depression: “Only with the New Deal’s rehabilitation of the financial system in 1933-35 did the economy begin its slow emergence from the Great Depression.”…

The argument that the New Deal’s efforts “perhaps had prolonged, the Depression,” is a canard. One would be very hard-pressed to find a serious professional historian–I mean a serious historian, not a think-tank wanker, not an economist, not a journalist–who believes that the New Deal prolonged the Depression. [Read the full post here.]

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5 comments

  1. History ain’t on your side on this one. Had it not been for the Second world war the depression may have lasted into the forties. This he said she said stuff proves nothing. The Government cannot make jobs and has little to do with the economy of the country suunless it’s policies like fdr takes capitol away from the private sector and spend it in the public sector. Also at that time the country was about 96% rural and the economy was largely agricultrue based. The dust bowl did coincide with the great depression. Unlike modern agriculture the individual farmers save seed from previous crop to plant their next one with. they were broke and noone was giving them the means to pick up aqgain after drought devistated them.


  2. Is unemployment really only 6-7%?? See a more accurate poll:

    http://controversialpolling.blogspot.com


  3. Superdave, I am tired of telling you to go to the library or better yet go to school and study economics and history. Here’s a few links for you to do research for yourself: http://www.kentlaw.edu/ilhs/curricul.htm, http://www.uwstout.edu/cas/socsci//tyson/laborhis.htm, http://www.aflcio.org/aboutus/history/history/timeline.cfm. I’m not going to argue with you in reference to published knowledge. Either you know it or you don’t.

    Also, as usual, you are not dealing with the real issue as usual. You have a propensity for ignoring whatever the topic is and make comments, most of your comments anyway, in terms of topics outside of the original subject. E.g., I post that Bush needs to do something about Zimbabwe, Robert Mugabe. Your comment was a speech about what Bush has done for AIIDs/HIV. Needless to say the original post was not about whether Bush had done enough or anything at all in Africa or for that matter nor was the post about AIDs/HIV. Either you are defensive regarding every post concerning Bush; OR, you really don’t understand what any of the post are really saying. Speaking without a point of reference turns your conversation into non-focused babble. You should try to stay on topic when making your comments. Another example would be this post. My topic was Reagan’s economics more than anything else. Where have you taken me, I’m guessing here, the mid-to-late 1800s? Early 1900s? If your purpose was to tie your comment into the original post you did not do an effective job. Which, makes your comment seem way off topic and totally another conversation entirely.

    As for the government being unable to create jobs, well then I guess you didn’t know that Reagan did create jobs and 1/2 of them was for the Federal Government and the other 1/2 for the private sector. Regan also, though promising to reduce government and spending, tripled the national debt and left huge deficits to his successor. Why don’t you also visit the Census Bureau, Bureau of Labor Statistics, CBO, and BEA?


  4. ChamayO ; First of all thankyou for your concern and checking on me. I am ok , i was just at work. At53 I would be in trouble in a couple of weeks if I didn’t go to work. I know to popular persecption is that all coservative republicans are independantly wealthy but I am not. To the point you mention Fdr and how the beltway boys said his policies prolonged the Great depression. I was commenting that I agree with that. The fact that you dislike Fox news is obvious but it’s unfounded. Ihad to stay at a motel over the Christmas Holiday that didn’t have fox news. I tried to watch cnn but it was difficult. Condrake is almost as liberal as you. As for citing sources from the left wing nuts, they are useless. They never let little things like the truth stop them from reviseing history to suit their needs.


  5. As for gov. creating jobs. The gov. can enact policies that are pro business and that will result in business creating jobs. no unintended consequences. It’s when the gov. does make work projects that do tend to employ people but the employers drop them when the project is finished. The ethynol subsidy is and example of gov energy policy run amuke. It cost the poorest people in the world to pay two or three times the normal price for a staple of their diet,corn. If the market forces said it was feasable to make gasoline out of corn the effects would be different. The private sector is always best at creating jobs and inovation. Tax policy that punishes sucess will always end job creation.



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