Cutting failure

Isn’t there an old saying along the lines of “those who refuse to learn from the mistakes of the past are doomed to repeat them”?

In 1937 the US experienced a financial crisis. Not as severe as the 1929 crash, but quite serious. And the reason? In that year welfare tax was deducted, for the first time, from workers’ pay packets, leading to a huge drop in spending and a substantial dip in the economy. Those in favour of cutting welfare payments, please note.

Brendan Casserly