from Brent Smith for World Net Daily:
First, you may be thinking, what do I mean a third depression? So let me rephrase it. We have had only one depression that we all know of, the Great Depression, which lasted from 1929 through the late 1930s. I’ll discuss the other one later.
I fear that if all goes the way it could, with Biden as president and the Democrats taking the Senate, we will likely experience a third. And this one may be our worst.
I’m sure we’ve heard how the great President Franklin Roosevelt (he was a bad dude) ushered us out of the Great Depression by developing all those wonderful programs and spending all that money (we call it stimulus today).
But everything most have heard of FDR was a load of crap. It was Roosevelt’s policies that pushed us from a depression into a Great Depression, not the other way around, but I digress.
Still, as far as most people know, it was the only depression this country has experienced.
Surprise! There was another, but because progressives write the history books, you may know little, if anything about it. It was the depression of 1920.
In 1920, thanks to the policies of the other progressive president, Woodrow Wilson, America’s unemployment rate skyrocketed to 20%. Gross National Product had declined by 17%. It was a disaster.
Keep in mind, there was no welfare, Medicare, Medicaid, foodstamps, Social Security or any government assistance programs to speak of. That would only have exacerbated the economic collapse.
So what did the government do, you ask?
Surely, like today, it must have instituted massive government stimulus programs. They must have started a sweeping welfare program to save the people.
Well, no, quite the opposite. What America did in 1920 was to elect fiscally responsible adults, who took the reins in March of 1921 and made the hard decisions that most politicians would never have the courage to do.
The newly elected Warren G. Harding-Calvin Coolidge administration cut the federal government’s budget almost in half within two years.