Just a little reminder for all the Keynesians out there

From 1929 to 1932  federal spending increased by 50% in nominal terms, doubled in real terms, tripled relative to national income. Judged by that measure, Herbert Hoover makes Barack Obama look like a fiscal conservative.

No, this doesn\’t show that fiscal expansion doesn\’t work in all cases. But it does put to rest the lie that Hoover didn\’t try it.

2 comments on “Just a little reminder for all the Keynesians out there

  1. sighs…asks guru Dunc what happened between 1933 and 1937…how often did FDR balance the budget….was he nbthe Ed Balls for our generation, the guy who scrwed things up so badly that it took a hatful of fascists to sort things out for him??

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