Unemployment never hit double digits in any of the twelve months following the stock-market crash of 1929. But it hit double digits within six months after government intervention — and unemployment stayed in double digits for the entire remainder of the decade, as the government went in for one intervention after another.
The first federal intervention in June 1930 was the passage of the Smoot-Hawley tariffs by a Democratic Congress, a bill signed into law by Republican president Herbert Hoover. It was “bipartisan” — but bipartisan nonsense is still nonsense, and a bipartisan disaster is still a disaster.
Wednesday, October 27, 2010
The Job-Creation Canard - Thomas Sowell