Monday, September 6, 2010

Nostalgia for past economies

From Wikipedia, lightly edited in a highly prejudicial fashion:

During that time, the Great Depression reached its low point. In line with conservative economic theory that less government spending would spur economic growth, [Republicans] drastically cut state expenditures, including in the social sector. He expected and accepted that the economic crisis would, for a while, deteriorate before things would improve. Among others, the [conservatives] completely halted all public grants to the obligatory unemployment insurance ..., which resulted in higher contributions by the workers and fewer benefits for the unemployed.

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