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- Something Seems Very Wrong Here: Economic History of the Great Depression Department: the correspondent in question was yours truly 🙂
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- What will climate change do to our planet?. From Mark Lynas’s
Six Degrees . Reviewed in RealClimate. - How Hard Is It To Get a Cartoon Into
The New Yorker ?
Re: Something seems very wrong here—
1. Income taxes under Hoover remained low until the poorly-timed Revenue Act of 1932. See, e.g., the Revenue Act of 1929.
2. Total federal budget outlays increased almost 50% between 1929 and 1932, from ~$3.1B to ~$4.7B. Approximately $2.7B of the budget of 1932 was deficit spending.
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2011/assets/hist.pdf
3. The federal gov’t did began public works spending under Hoover, the Hoover Dam being but one example (1931). He signed into law the Emergency Relief and Construction Act of 1932 which was the beginning of the new deal.
4. The Fed restricted the money supply. The Fed then wasn’t subject to the administration’s influence, much unlike today’s Fed.
Re: Something seems very wrong here—
1. Income taxes under Hoover remained low until the poorly-timed Revenue Act of 1932. See, e.g., the Revenue Act of 1929.
2. Total federal budget outlays increased almost 50% between 1929 and 1932, from ~$3.1B to ~$4.7B. Approximately $2.7B of the budget of 1932 was deficit spending.
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2011/assets/hist.pdf
3. The federal gov’t did began public works spending under Hoover, the Hoover Dam being but one example (1931). He signed into law the Emergency Relief and Construction Act of 1932 which was the beginning of the new deal.
4. The Fed restricted the money supply. The Fed then wasn’t subject to the administration’s influence, much unlike today’s Fed.
I think you’re right that there was a deficit in 1931, but was it intentional? The Revenue Act of 1932 suggests that it wasn’t, and what I’ve read about the situation makes it sound like Hoover was pretty keep on balanced budgets…