Quote:
Originally Posted by Adak
Overspending, and printing more and more money, when we don't have the actual increase in our economy's wealth, to cover it.
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If true, then we would have stagflation all over again. You have defined what Nixon did to create great harm to the American economy. We do not have stagflation because we are not making that mistake.
We are, however, still trying to fix a larger mistake that previously created another massive recession in 1929. Back then we also foolishly enriched the rich. At that time, our forefathers did not understand this problem as it was being created. Today we know enriching the rich even destroys jobs. And again we made that mistake. Some still do not appreciate how much damage was created. And why we were so close to a 40% unemployment.