DYNASTY HVY

Anybody want to take a guess as to what happens to a country when you have more people than jobs ?

SkyHigh

If one is lucky enough to have a good job and health insurance then stimulus spending is a curse. However to those who are and have been unemployed for sometime a reason to hope.

It took WWII to get us out of the last depression. Spending then was far higher in regards to GDP then what the government is spending now. The problem this time is that we are starting out the current downturn already hopelessly in debt.

Skyhigh

jungle

In 1933, Roosevelt became President and appointed Morgenthau governor of the Federal Farm Board. In 1934, when William H. Woodin resigned because of ill-health, Roosevelt appointed Morgenthau Secretary of the Treasury (an act that enraged conservatives). Morgenthau was an orthodox economist who opposed Keynesian economics and disapproved of some elements of Roosevelt's New Deal. Although he was a Roosevelt loyalist and retained his office until 1945, in "New Deal or Raw Deal?" Burton Folsom quotes Morgenthau, testifying before the House Ways and Means Committee in May of 1939, the FDR ally did not sugarcoat it: "We are spending more money than we have ever spent before and it does not work. I want to see this country prosperous. I want to see people get a job. We have never made good on our promises. I say after eight years of this administration we have just as much unemployment as when we started and an enormous debt to boot."

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WWII didn't solve the problem, what solved the problem was that the US was the last man standing in terms of major world economies and thus the sole supplier for many of the world's needs. Economic growth solved the problem.

Not much chance of that happening this time.

There are proven ways to fix the problem, but we are hell bent on doing just the opposite.

In terms of debt(spending) as a percentage of GDP, we are very close to post WWII levels right now. So that argument won't hold water.
If you consider the real unfunded liabilities of over 200 trillion dollars, then we have spent more than ten times the post WWII figure. Para nada.

DYNASTY HVY

No takers or is that just unthinkable at this stage ?

Ally

jungle

No guess needed.




“The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.” – Ernest Hemingway

DYNASTY HVY

All of the pictures that you post are interesting and where did you find this one ^^^^^^



Ally

jungle

It is by Margaret Bourke White, one of the greatest photographers of all time, enjoy a few more of her photos here:

Margaret Bourke-White Gallery

margaret bourke-white photographs - Google Search

It actually depicts people seeking flood relief in Louisville in 1937, but it has also become an icon for economic failure over the years.

White was famous before TV and the 24 hour news cycle for bringing the world to Americans in magazines that no longer exist.

And by the way my sweet, all of the pictures I post are interesting.

Winged Wheeler

Not taking anything away from the quality of her work (I am unqualified to judge), but MBW was FDR's pet propaganist. Her mission was to find and photo desperate people. As they got closer to WW2 the people begin (according to FDR's edict) to look more spirited and hardy.

WW

jungle

Agree, but one gal with a camera isn't propaganda. Real propaganda is ten international "news" agencies all in the same tank and running the same drivel 24/7/365.

Winged Wheeler

I wrote this AM before the coffee had taken effect. Dorothea Lange was the official photojournalist of the FDR administration. You are right about the rest.

WW