Great quote from Sowell’s column:
The 11.7 percent unemployment rate in 1921 fell to 6.7 percent in 1922, and then to 2.4 percent in 1923. It is hard to think of any government intervention in the economy that produced such a sharp and swift reduction in unemployment as was produced by just staying out of the way and letting the economy rebound on its own.
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actually, Harding was MUCH better than a “do-nothing”.
Harding immediately cut taxes, AND cut spending !!!
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“Federal spending was cut from $6.3 billion in 1920 to $5 billion in 1921 and $3.2 billion in 1922.”
http://www.lewrockwell.com/orig4/powell-jim4.html
yet the liberal economists, “warn”,
that if we drastically cut spending,
it will CAUSE a depression!
( GDP should NOT include government spending.
government spending is a liability, not an asset! )