Thursday, December 18, 2008

Lessons From '90s Japan and '30s America

Ronald D. Utt, Ph.D, says that "no country could be sorrier for endorsing a primitive ver­sion of Keynes's teachings than the Japanese--who squandered vast sums of national wealth in a vain attempt at stimulus that cost them the chance to lead the world in economic growth and prosperity" — Japan: Infrastructure spending doesn't help.

"But what about Franklin Delano Roosevelt's New Deal?" you might ask. Yes, we learned in school that it saved us, but Dr. Utt explains that it was, in fact, "a failed effort to end the Great Depression" that only "substantially and permanently increased the scope of the federal government." Also, "10 years into the Great Depression, America's unemployment rate remained at 14.6 percent."

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