Q: Did the New Deal end or extend the Great Depression?

A:  Extend.

That’s the conclusion of Dr. Lee Ohanian, Professor of Economics at UCLA, as explained in his video Did FRD End or Extend the Depression?

 

The primary reason cited by the Professor is artificial increases in prices and wages driven by federal policy, specifically the National Industrial Recovery Act. (more…)

2 cows illustrate economic systems

An update of the old story:

Capitalism

You have two cows. You sell one and buy a bull.

You have lots of cows.

Socialism

(more…)

Economic destruction from the New Deal just keeps rolling on

Did you know that in the 1930s raisin producers had to give a portion of their harvest to the government with the feds deciding what portion of the crop every producer had to turn over and what price they would get?

Neither did I.

Did you know that program is still in place today, 80 some odd years later?

Neither did I.

Did you know that in the 2002-2003 season (more…)