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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (448949)1/20/2009 11:05:32 AM
From: HPilot  Read Replies (1) of 1575317
 
During the depression, he actually tried to do the right thing......he figured if he balanced the budget and kept deficits low, the economy would right itself. Of course, it didn't and he lost his job as commander-in-chief.

I don't think he actually balanced the budget; in fact he made it worse with huge tax cuts when the economy could not immediately put that to benefit. He should have made smaller cuts and then increased the cuts as the economy recovered. Then he turned around and agreed with Democrats to the largest tax increase in history. FDR did little better, under him unemployment recovered from over 20% to just over 15% in 1940, much because of increased arms production. This was at a time when Europe was almost completely recovered from the Great Depression. IMO Mellons do nothing policy, though clearly wrong, would have been better.
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