Former Labor Secretary
Robert Reich makes a false historical claim in his recent call for more government spending:
The Republican bromide -- cut federal spending -- is precisely the wrong response to this ongoing crisis, which is more analogous to the Great Depression than to any recent recession. Herbert Hoover responded the same way between 1929 and 1932. Insufficient spending only deepened the Great Depression.
Check out the chart below, thanks to
economist Robert Murphy. If Robert Reich looks at the historical facts , he might conclude Herbert Hoover
started the New Deal.
