Re: You can be sure that .....
Trump's minions here complain it's not fair to credit Biden with any recovery but you can be darn sure that if trump was president he and his whole crowd would be crowing at the top of their lungs.
But there is no doubt that the second and third shot of stimulus is fueling the supercharged rehiring we're seeing simply because all businesses that didn't go out of business are immediately available to rehire.
In any event, this republican myth that people wouldn't go back to work if they got stimulus money has been shown to be malarkey.
Credit Biden? You are dumber than the other idiot on here...
Re: Budget deficits?
Actually "adolph hitler" ended the Great Depression by declaring war on the US. Not so much the spendthrift Rooooovelt policies.
A common fallacy is that the Great Depression was ended by the explosive spending of World War II. But World War II actually institutionalized the sharp decline in the standard of living caused by the Depression. The Depression was actually ended, and prosperity restored, by the sharp reductions in spending, taxes and regulation at the end of World War II, exactly contrary to the analysis of Keynesian so-called economists.
True, unemployment did decline at the start of World War II. But that was a statistical residue of sending millions of young American men to fight and die in the war. There are better ways to reduce unemployment, as was shown after the war.
Statistics showed a rise in GDP during the war. But that just reflects misdefined statistical analysis. The military guns, tanks, ships, and planes produced and counted as showing rising GDP did not reflect improved standards of living for working people, or anyone else. Yes, they did win the war, and that victory was a social good, just as removing Saddam Hussein from power was a social good. But these were not economic goods and services, and should not be counted as such.
The sale prices of goods and services sold in voluntary market transactions reflects the true value of the goods and services produced, because they reflect what consumers are willing to pay for them, and so reflect the benefit that consumers see in them. But the same voluntary market transactions where consumers are spending their own hard earned money were not involved in the government’s acquisition of the military guns, tanks, ships and planes produced during World War II. The cost of all that military materiel was simply added to GDP, as if it reflected increased production. But would not a better measure of the economic value of that military materiel, and of any coerced government transaction, be to subtract the cost of that production from GDP, rather than adding it?
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