Have We Learned Anything From History?

Remember one of the mistakes of Herbert Hoover, President of the USA during the Great Depression 1929-1933? He raised taxes during a depression, thereby reducing consumption and increasing the speed of the deflationary spiral.

Fast forward to 2011:  Obama and the democratic Congress will let the temporary Bush tax cuts expire, effectively increasing taxes heavily during an almost-depression. Did anybody learn anything from history?


3 comments on “Have We Learned Anything From History?

  1. Nein!

    Same shit, different decade.

    How do you say that in German? I’m sure it won’t have the same alliteration.

    • AFAIK there’s no German idiom for that. I’m going to ask around. Let’s see if I can find a fitting translation.

  2. Die gleiche Scheiße, unterschiedliches Jahrzehnt.

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