Wednesday, October 29, 2008

The New Deal was (and will be) a Raw Deal

It drive me crazy that some people still love the New Deal despite how it will soon bankrupt our society. And an Obama administration will expand it. The only way to "spread the wealth" as Obama claims to want is to encourage massive economic growth. Taxing those companies and entrepreneurs who are the very engine of growth will not accomplish that.

Check this article out:
The purpose of New Deal legislation was not, as commonly thought, to restore economic growth but rather to freeze the economy in place at a time when it seemed locked in a downward spiral...These policies did break the downward spiral. But, as Amity Shlaes points out in The Forgotten Man, they failed to restore growth.

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