Between 1936 and 1937, stock prices doubled. Between 2010 and 2011, stock prices doubled. In 1937, the government decided to slash the deficit. The depression returned and stocks collapsed. In 2011, the government is going to slash the deficit. The depression will return and stocks will collapse. The economy of the 30s was saved only by massive government spending for World War II. This time, the economic crisis will coincide with the most serious environmental crisis in history, the equivalent of a world war, but one nobody will win. History has long since proven that the best way to eliminate deficits is to encourage economic growth, not cut spending. All deficit reduction is going to do is prolong the depression.
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