Leftist Revisionism Run Amok

If a Democratic President had instituted policies which immediately coincided with a rapid reduction in the unemployment rate from 12% to 2%, partisan leftists would have demanded that this individual be glorified as a superior President. But because it was a Republican President (Warren Harding, 1921) who did these things, not only is he not being given credit for it by these idiots, he's also being blamed for causing the Great Depression TEN YEARS SUBSEQUENT (private citizens being allowed to keep more of their own private property causes depressions, we're led to believe - watch it, Singapore, you people must be on the verge of a dandy!)...................................................................................And it's all so completely ignorant, too. Anybody who knows anything about economics and history knows that the Great Depression was largely brought about by an absolutely incompetent Federal Reserve policy (both in the years leading up to and also in the aftermath), European countries reneging on their war debt, and a world-wide deflationary policy relative to the gold standard, and so to even attempt to blame it on Harding is full-bore idiocy (yes, the top 5%'s share of the total income rose from 1920 to 1929 but only from 25.47% to 26.09% AND consumption as a percentage of GDP had actually RISEN from 68% to 75% - statistics courtesy of economic historians Burton Folsom, Thomas B. Silver, Peter Temin, and Gene Smiley)...................................................................................P.S. The 1920s was actually a decade of overconsumption rather than underconsumption. To quote specifically Professor Temin here (from MIT), "The concept of underconsumption has been abandoned in modern discussions of macroeconomics....The ratio of consumption to national income was not falling in the 1920s. An underconsumptionist view of the 1920s, therefore, is untenable." Case closed.