During the Great Depression, the FDR administration began some serious programs to bring the country out of the economic hole that it was in. The plan worked. Then in 1937 conservative pressure lead to a reduction in the spending that had been so successful. The result was a drop in the recovery that was only fixed by increasing spending.
Today, the Obama administration and Congress are talking about cutting spending and reducing the deficit. These are the same mistakes made in 1937, only this time we haven’t had more than three years of serious economic growth to help us first.
So this time around we get the same mistakes with none of the benefits.
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