The year is 1920. President Harding inherits a severe recession, but 18 months later, the economy is booming again and the "Roaring Twenties" begin. What was the cure? Cut taxes and spending, and allow wages and prices to fall back to their natural level. All of this seems to be lost on historians, who, rather than view Harding as a champion of liberty, focus instead on the Teapot Dome Scandal.
http://www.lewrockwell.com/orig4/powell-jim4.html
http://www.lewrockwell.com/orig4/powell-jim4.html
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This is straight from the late Henry Hazlit's book "Economics in One Lesson."
ReplyDeletePaul Johnson also mentions it in his book on American history.
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