Phillip W. Magness

U.S. Economic & Political History

On New Dealer Climate Policy

| September 12, 2016

Let’s consider a thought experiment. Suppose a second Great Depression happened, and the evidence of its harm was overwhelming. Unemployment shot up to 24% and GDP dropped by almost 30%. By every sense of the imagination, the economic collapse was catastrophic.¬†Now suppose you are¬†confronted with the following argument: “People are suffering, so we simply have […]