Given the fact that unemployment for veterans from 18-35 is greater than 9% and more will be trying to reenter the civilian work force, perhaps we have even more incentive to learn from the past:
By the war’s end, the U.S. government’s public debt exceeded 120 percent of GDP, ￼almost twice today’s ratio. America worked off that debt not by tightening its belt but by ￼liberating the economy’s potential. In 1945, there was no panel like President Obama’s ￼Bowles-Simpson commission targeting the debt ratio a decade into the future and ￼commending 10 years of budget cuts. Rather, the greater worry was that absent the ￼stimulus of war and with 12 million newly jobless GIs returning home, the civilian ￼economy would revert to depression. So America doubled down on its public investments with programs like the GI Bill and the Marshall Plan. For three decades, the economy ￼grew faster than the debt, and the debt dwindled to less than 30 percent of GDP. Finance ￼was well regulated so that there was no speculation in the public debt. The Department of ￼the Treasury pegged the rate that the government would pay for its bonds at an affordable ￼2.5 percent. The Federal Reserve Board provided liquidity as necessary.
The 1 percent and the financial class caused the Great Recession. So why do we keep allowing them to shape policy?