16 02 12 - 04:41
In 1922, under the unsung stewardship of the president best remembered for his underlingsâ scandals and his own early death in office, the unemployment rate fell from 15.6 percent to 9 percent (on its way to 3.2 percent in 1923), while constant-dollar output leapt by 16 percent. After which the 1920s proverbially roared.
And how did the administration of Warren G. Harding, in conjunction with the Federal Reserve, produce these astonishing results? Why, by raising interest rates, reducing the public debt and balancing the federal budget. Let 21st-century economists rub their eyes in disbelief. Eighteen months after the depression started, it ended. - The Washington Post
As this WAPO article illustrates, the modern method of spend-to-recover may be another artifact of the Great Depression. "It worked last time!!!1!!one"