Remember the great worldwide economic collapse after the Spanish flu epidemic? It was called “The Roaring Twenties”.
Actually no.
There was a short, very sharp recession after the flu pandemic.
Now that is a scary point, I never connected those dots before. Great Depression came 10 years later... Very Very Interesting...
I swear this coronavirus has turned FR into a storm of snowflakes :)
Actually there was a depression in the early 20’s but the government reacted properly, they cut taxes and spending and let the market deal with it, then we got the roaring 20’s.
In fact, there was a very serious Wall Street crash in 1920 (Dow down 50%!) and near depression in 1921 (unemployment at 20%), due to wartime inflation, and a sudden credit bubble which popped in 1920, partially due to Spanish flu also.
why don’t we hear about this?
Because basically, the government did nothing, except to cut their budget and reduce taxes. No welfare programs, no BS job-creation schemes, no rafts of regulation. It was before progressives had fully taken over government.
And by the end of 1921, the economy was beginning to boom again.
“Remember the great worldwide economic collapse after the Spanish flu epidemic? It was called “The Roaring Twenties”.”
So you’re saying that it’s okay if a ton of people die because it will be good for the economy?
Although, I seem to recall that at the end of the Roaring Twenties there was a bit of a downturn.