Letter: Great Depression history repeated
"After the tax reductions and the loosening of business regulations by the Bush administration, it took about eight years for the economy to collapse into what has been called the greatest depression since the Great Depression," writes David Zipkin of Bay Shore. Credit: M. Ryder / Tribune Media Services
Regarding "History teaches better stimulus idea" [Letters, July 15], the writer deserves congratulations for a piece of ironic writing almost worthy of comparison to Jonathan Swift.
The letter points to the lesson of economic growth during the 1920s, when taxes were reduced and regulation relaxed. It took about eight years for the economic system to collapse into the Great Depression.
Now in the 21st century, we find that after the tax reductions and the loosening of business regulations by the Bush administration, it took about eight years for the economy to collapse into what has been called the greatest depression since the Great Depression.
The writer asks if further reducing taxes and loosening regulation might have led to a more rapid exit from our latest depression. He wrote, "Who is to say? Nobody knows."
I think we do know. I think we can say.
David Zipkin, Bay Shore
