From the Des Moines Register:

"...the nation's current economic situation bears more likeness to a period leading to the recession of 1937-38, which came on the heels of the Great Depression. In both cases, lawmakers and policy makers, concerned about government deficits, took steps to curb federal spending when the economy was still weak. 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." "Huge cuts could imperil recovery, economists say" Boston Globe, By Megan Woolhouse. After the nail-biting spectacle in Washington over the debt limit we now see the real dangers that lie ahead. The members of Congress clearly failed History and Econ 101.

For the full story, please visit http://blogs.desmoinesregister.com/dmr/index.php/2011/08/03/good-job-guy....

 

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