The Great Depression

  • Benjamin Roth: The Great Depression: A Diary

    Benjamin Roth: The Great Depression: A Diary
    It's all here, times change people don't -the endless govt programs that fail to stimulate the private sector -the ups and downs of the economy, the veterans pension stimulates just as the housing credit did, until of course the money runs out -Roth is a attorney in Youngstown Ohio who kept a diary regarding the economy from 1930 until WW II breaks out, he is objective, candid, and forthright which is more than we get from Washington DC now or then highly recommended

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April 19, 2009



What would happen if there was 13% unemployment in one part of the country and much less in Texas?

If the economy was left alone, so it could solve the problem by itself, the extra (unemployed) manpower would move to Texas (or try to create jobs in their own state) instead of waiting for government to subsidize the unemployed. Subsidizing individuals for too long of a time is probably not a better idea than subsidizing businesses for too long of a time.

Dennis Elam

Indeed, an observation about the long term embedded unemployment in Europe is that no one feels they have to move to change their situation. Since the govt continues to pay the unemployed, they stay that way, as I said in a recent column, their new job is being unemployed. However the labor force here is much more fluid and hence the unemployment rate has stayed much lower as people move to find new jobs.

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