Well, in 1929, the government didn't take action, let failing banks fail and tightened its belt rather than spend money, and we ended up with 25% unemployment and bread lines.
Then came FDR to the rescue with the New Deal, the Wagner Act, the Works Progress Administration and a host of government spending programs intended lift the country out of the Depression. In so doing, he actually made the situation worse, prolonging the Depression by at least 7 years, according to one study by a pair of UCLA economists. Unemployment was still over 14% in 1940, right before the United States got involved in WWII. So much for "priming the pump".
That's the trouble with Progressives. They never stop to think that what they're doing is wrong...they just think they haven't done enough of it yet.
Regards,
Scott Perry
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