The Greater Depression – Part 1
The Obama administration has used the same failed fiscal policies as Franklin D. Roosevelt: $800 billion stimulus packages, cash for clunkers,
payroll tax holidays, student loans for anyone with a pulse, and hundreds of other useless Keynesian ideas have driven the national debt from $10 trillion in September 2008 to $19.4 trillion 8 years later, a 94% increase. The national debt in October 1929 was $17 billion. Eight years into the Great Depression, after billions in wasteful New Deal programs the national debt stood at $36.5 billion, a 115% increase.
The Great Depression lasted from 1929 through World War II, despite the billions spent on fiscal stimulus. After 8 years of the largest budget deficits in history, the economy is still dead in the water, with GDP barely growing. Its pitiful growth is from the surge in consumer spending due to the calamitous Obamacare program and continuous wars waged globally.
If the US had been experiencing an economic recovery for the last 7 years, why would 14% to 15% of all Americans be dependent on food stamps to survive? If job growth was as strong as government and media say, how could weekly wages be growing by on 1.5% annually today, and averaging only 2% over the last 5 years? Would the labour participation rate and employment to population ratio be hovering at levels last seen in 1978 if the job market was booming?
Quinn makes the case that most people in the US are experiencing a depression on par with the Great Depression of the 1930s.