Thursday, February 11, 2016

British Austerity Similar to Hoover's Balanced Budget

Austerity or balancing the budget as global economy contracts is the same mistake that Hoover made during the early stages of the Great Depression. A policy of balanced budgets, yesterday's austerity, not only made the economic contraction worse from 1930 to 1932 but also cost Hoover the election in 1934. British leadership, clearly not students of the Great Depression, appear ready to make a similar mistake. Ever wonder why history repeats?

Headline: Lower growth forecasts leave George Osborne facing a shortfall

Feb 8th 2016, 15:20 | Britain WHEN George Osborne, Britain’s chancellor, addressed Parliament in November on the state of the public finances, he pulled a huge rabbit of a hat.



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