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The Greatest Generation “models” contributed little. Their “corporate form” had to be undone in the 1980s to get improvement in America’s productivity.
The Greatest Generation was one of the most unproductive generations in history, the proof being the great inflations of their working lives (1940s through early 1980s), inflation representing nothing more than a shortage of consumer goods, the opposite of what the MSM tell us.
The Greatest Generation was good at getting others to pay their bills. That’s over, and that fact that we are stuck with their bills is the biggest economic problem we have.
Comment by Dave —
ME:
Yes, we are STILL paying for WWII and those benefits. I tried to introduce this into the economics literature, and you can imagine the reaction I got.
Back in the 1960s I added up the costs of the DEBT from World War II, just the war, not the veterans’ benefits still being paid. The war had been paid largely by debt. But that debt had been racked up over twenty years before. The INTEREST on the debt had more than doubled it.
Ever since 1945, the Federal Government had routinely run a deficit. But if you subtracted the interest on the debt from World War II from that deficit, outgoes and income were equal. In other words, our ENTIRE debt came from WWII. It has not been paid.
Now WWII and its debt are in their SEVENTH decade. Would you care to do a little arithmetic and figure what the geometric progression has made it NOW? PLUS the debt we ran up paying those benefits to twelve million “vets.”
Giving a third of the world’s population to Stalin and Mao was an expensive proposition.
Besides which, since we had destroyed the Anti-Cominterm Axis — the word before “Axis” has not been pronounced in many, many years — we spent most of the Federal budget defending against a threat Germany and Japan were no longer there to resist.
#1 by Basso Profundo on 02/24/2007 - 7:38 pm
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OK, fair enough. Once again the Greatest Generation gets deballed on this blog. Now what about the debt that’s being incurred right now by our country? Does that mean nothing? Are all those “lovers of children” (aka creators of cannon fodder) any better than the members of the Greatest Generation? I don’t think so. They are leaving a world to their children and their grandchildren that is even worse than the world that the Greatest Generation left their children and grandchildren. How do I know? The Bible tells me so. I lived during that time period and it was a better time period than our children and our grandchildren are going to see. It doesn’t take a 15 year old genius to see that.
#2 by Basso Profundo on 02/24/2007 - 7:39 pm
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OK, so it wasn’t Peter. It was me. Basso Profundo in person.
#3 by Pain on 02/25/2007 - 5:39 pm
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“Back in the 1960s I added up the costs of the DEBT from World War II, just the war, not the veterans’ benefits still being paid. The war had been paid largely by debt. But that debt had been racked up over twenty years before. The INTEREST on the debt had more than doubled it.”
To extend that back in time, Charles Lindbergh Sr, implied that that was the real motivation for the War against the South. Seventy-five % of the assessed value of all real property in the USA and CSA formed the basis of a loan from European based banking families.
I think the idea was to flood the USA with capital quickly, thereby enriching Yankee elites and introducing a myth-sized debt. To pay the debt, Yankee industry had to boom, and this was done through the importation of Irish, Italian, and Polish hands to do the hard work and through the importation of Jews to watch over and gather the money-flow.
Maybe the motivation for WWII was not only to spread Communism westward over Europe and setup headquarters in Palestine, but also to swell the money-flow — as did the War against the South. The Germans kept Communism out of Europe, but the money-flow did swell.