Mitch McConnell studies history and reaches the conclusion that we should hope for a German campaign of world conquest: “But one of the good things about reading history is you learn a good deal. And, we know for sure that the big spending programs of the New Deal did not work. In 1940, unemployment was still 15%. And, it’s widely agreed among economists, that what got us out of the doldrums that we were in during the Depression was the beginning of World War II.” |
You wonder what history Mitch has been reading. As Matt Yglesias points out, McConnell's arguing that "big spending" didn't end the depression, it was WWII -- which, in whatever history book he's been reading -- was apparently fought for free. Either that or govt. spending doesn't work until it does.
I'd add that WWII probably extended the depression, since consumer demand dropped through the floor because of rationing. The guy running the grocery store down the street wasn't selling tanks and bombers -- WWII was actually very bad for the domestic economy.
It may be "widely agreed among economists" that McConnell's crackpottery is correct, but only if you define "widely" as meaning what the nuts at Cato and Heritage think.
I'd add that WWII probably extended the depression, since consumer demand dropped through the floor because of rationing. The guy running the grocery store down the street wasn't selling tanks and bombers -- WWII was actually very bad for the domestic economy.
It may be "widely agreed among economists" that McConnell's crackpottery is correct, but only if you define "widely" as meaning what the nuts at Cato and Heritage think.
