How can you argue with history? The worst recessions in US history all occured prior to World War II.
1819 depression. Began immediately after a 5 year long 29% reduction in the debt.
1837 depression. Began immediately after a 14 year long 99.7% reduction in the debt.
1857 depression. Began immediately after a 6 year long 59% reduction in the debt.
1873 depression. Began immediately after a 7 year long 27% reduction in the debt.
1893 depression. Began immediately after a 14 year long 57% reduction in the debt.
1929 depression. The US debt was reduced 36 % from 1920-1930.
What has happened since? No sustained periods of debt reduction whatsoever and no "depressions".
The highest deficits in US history occured during World War II. This was also the period of greatest growth.
Last edited by Colin at Feb 28 2004, 04:11 PM
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