And maybe not even in the same ZIP code. The next time a politician or talking head reports that the stimulus plan was necessary to get things moving again, recall this lesson from history:
As George Bush did with the creation of the Troubled Asset Relief Program, Herbert Hoover oversaw the founding of an unaccountable organization making secret loans to banks and other failing institutions, the Reconstruction Finance Corporation. As President Barack Obama has done with his “stimulus” program of massive federal spending, Hoover convinced Congress to increase federal spending 30 percent in 1931 alone. In relative terms, this failed spending package was larger than Obama’s incredible $775 billion “stimulus” plan, which would only amount to a 25 percent increase even if all of the spending were to take place in 2009.
If Vox is right and the example of the Great Depression holds, things won’t hit bottom until 2012.
Hmm. 2012. That number again.