The 1920 "Depression"- Another Conservative Fantasy
For my second historical clarification, I would like to talk about something most people have never heard of- the "depression" of 1920. If you do a google search for this, you will find dozens if not hundreds of right wing posts about this phenomenon, all basically agreeing with the following Glenn Beck claim, which led me to deal with this issue: "Glenn then warns of the coming Economic Holocaust. The worst is far from over and warning bells are sounding. Beck returns to the blackboard and writes out numbers fro m the 1920 Depression. Caused by policies of the Wilson Administration, conditions were far worse that year than now, even worse than the first year of the Great Depression. But, it was short lived, thanks to Calvin Coolidge. Taxes were lowered from a top rate of 77% to 25%. Federal spending was slashed in half! By 1923, the economy was booming. The Roaring 20s saw an expanded middle class. Hoover, a Progressive, made the Crash of ‘29 worse with excessive spe...