DIGG THIS "In 1929 [President Herbert] Hoover devoted . . . 13 percent of the total budget to public works spending [and] pressured state and local governments to increase their own public works spending.” ~ How Capitalism Saved America, p. 168 One of the most enduring and menacing myths about the New Deal is that the billions of dollars that FDR spent on "infrastructure spending" and "public works" reduced unemployment. It is a menacing myth because it ignores the famous broken window fallacy in economics and essentially claims that the law of opportunity cost has been "repealed." Government spending on … Continue reading Obama’s Porcine Infrastructure