From 1929 to 1933, the Hoover administration adamantly stood against bailouts and spending while the economy unraveled and unemployment soared to 25 percent. The incoming Franklin D. Roosevelt administration initially cut budget spending in the belief that a balanced budget was needed to fight the Depression. FDR quickly realized that only massive spending on an unprecedented scale could stem the damage.
https://www.politico.com/news/magazine/2020/03/23/trump-president-need-right-now-141906
— Steve Smith
No comments:
Post a Comment