As I think about the bill that passed in the House of Representatives today, I can not help but think about how history repeats itself. The bill that passed today (Cap & Trade) will impose a tremendous tax on the US economy at a time when the private sector is struggling. The recession we are currently in will be longer and deeper as a result of this bill. And, the government will be more intrusive in the everyday affairs of Americans. This legislation repeats the mistakes of the 1930's. Massive tax increases and over-regulation at a time when the economy was struggling during those years turned a recession in the early 1930s into a 12-year depression. The passage of the Cab & Trade bill will have far-reaching ramifications, and Americans will be paying a huge price in terms of lost production, lower standards of living, and lost freedom.
An essay that I have read which explains the history of the Great Depression can be found here. It is from the Mackinac Center for Public Policy.
