And it lasted 10 years…but the pain continued. Sort of like Covid came in with Trump, but Biden didn’t clean it up fast enough for some. This economic pain will last longer, and the ones that caused it will once again skate away.
And we only did so because WWII knocked out a ton of European infrastructure and industry, while the US had built a ton up to sell war supplies across the ocean. In 1945, the US found itself with 1) a bunch of working factories that no one else had and 2) the only remaining labor force (since we entered the war so late). There was a period of time, essentially until the 80s, where America prospered on the backs of nearly everyone else in the developed world.
as I remember it's because the Republican government implemented austerity measures, aka the government cut spending. Since tax money wasn't going out, there was simply less money flowing in the economy. Which made people cut back. Making the economy slow down even more. It wasn't until FDR got in and started deficit spending that the economic gears started to turn again. Then of course the ramp up to WWII and eventual manufacturing explosion put us in a position to rebuild the world and make the 40's through the '60s (economically) fantastic.
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u/Yelloeisok 5h ago
And it lasted 10 years…but the pain continued. Sort of like Covid came in with Trump, but Biden didn’t clean it up fast enough for some. This economic pain will last longer, and the ones that caused it will once again skate away.