Monday night on his radio show, Mark Levin referenced an article from the Foundation for Economic Education, Three Myths of the Great Depression. I commend it to you.
Like many others, I was taught in High School that Roosevelt’s New Deal did great things for the country. I came to realize that the New Deal didn’t do anything to end the Depression, that was pretty clear. I remember several years ago seeing in an encyclopedia a chart of economic growth that spanned the Depression, and that was the first time I had seen that it was a “double dip” Depression – there was a second depression that set in around 1938. I was never taught that in school.
I reference on the media page in my website the most enlightening article I’ve read on the subject, and that was an article that appeared in April in the Wall Street Journal, “Did FDR End the Great Depression?” I reference this article in my page on media bias. I had heard for years that World War II ended the Depression, but that never made sense to me. The serious tax cuts that were passed at the end of 1945 – I never learned about those in my history classes – but that clearly was a big factor in the boom of the 1950s.
