Huge cuts could imperil recovery, economists say

From the Boston Globe:
Gary Richardson, an economist at the University of California at Irvine and a scholar of the era, said unemployment rates soared to 19 percent in the year after the Roosevelt administration raised taxes and cut government spending and contracts as a way to solve the country's long-term deficit problem. "Sadly in the last three days we have repeated the biggest policy mistake of the Roosevelt administration...cutting government expenditures in the midst of prolonged high unemployment," he said. "It's certainly not going to help the recovery."

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