By Robert Murphy
A very good instance of what passes for scholarship at the correct nowadays. This writer tortures truth and good judgment to a bloody pulp to cause them to try and comply with Tea occasion orthodoxy. priceless for Fox information audience who wish extra speaking issues, yet dead if you are attempting to really study whatever.
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Additional resources for The Politically Incorrect Guide to the Great Depression and the New Deal
The Obama administration will put deficit concerns on hold while it fights the economic crisis. But even as Washington tries to rescue the economy, the nation will be reeling from the actions of 50 Herbert Hooversstate governors who are slashing spending in a time of recession, often at the expense both of their most vulnerable constituents and of the nation's economic future. These state-level cutbacks range from small acts of cruelty to giant acts of panic-from cuts in South Carolina's juvenile justice program, which will force young offenders out of group homes and into prison, to the decision by a committee that manages California state spending to halt all construction outlays for six months.
S. S. was a net exporter of agricultural products, hiking tariff barriers ironically hurt American farmers more than many other producers. If every individual were forced to grow his own food, sew his own clothes, and build his own home, it would certainly "create employment"people would be working fifteen-hour days just to survive. Yet obviously individuals are much better off by having the option to specialize in one occupation, producing far more than they need personally, and trading the surplus with others who are doing the same in their own areas of expertise.
Economic history. " -Murray Rothbard Murray N. Rothbard, America's Great Depression. cated, in December, 1931, drastic increases of taxes, including personal income taxes, estate taxes, sales taxes, and postal rates. Obedient to the lines charted by Mellon and Hoover, Congress passed, in the Revenue Act of 1932, one of the greatest increases in taxation ever enacted in the United States in peacetime. The range of tax increases was enormous. Many wartime excise taxes were revived, sales taxes were imposed on gasoline, tires, autos, electric energy, malt, toiletries, furs, jewelry, and other articles; admission and stock transfer taxes were increased; new taxes were levied on bank checks, bond transfers, telephone, telegraph, and radio messages; and the personal income tax was raised drastically as follows: the normal [brackets were] increased from [an original] range of 1 1/2 percent-5 percent, [up to a new range of] 4 percent8 percent; personal exemptions were sharply reduced, and an earned credit of 25 percent eliminated; and surtaxes were raised enormously, from a maximum of 25 percent to 63 percent on the highest incomes.
The Politically Incorrect Guide to the Great Depression and the New Deal by Robert Murphy