How the Great Depression Finally Ended
March 3, 2009
It was a “stimulus” provided by about a two-thirds reduction of federal spending, from $98.7 billion in 1945 to $33.8 billion in 1948. See the Statistical Abstract of the United States, and click on #14, “Federal Government Finances” on the left.
As Bob Higgs has said, every Keyensian economist in the world, led by Paul Samuelson, predicted an economic calamity at the time, and every Keyensian in the world was dead wrong. Taking all of that money from the parasitic clutches of the state and returning it to its rightful owners (taxpayers) caused the post-war recovery. Today’s Keynesians, led by Paul Krugman, insist that they have no idea whatsoever why the Great Depression did not resume after WW II ended. Thus, they haven’t learned a single thing in over 60 years. (Either that, or they are and always have been nothing by shills for the state masquerading as “economists”).
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