Today, when we speak of ways to fight recessions, two options inevitably take pride of place: expansionary Fed policy (meaning lower interest rates or more asset purchases or both) and expansionary fiscal policy (more government spending or lower taxes or both). But if you've been keeping up…

That New Deal fiscal policy contributed little to recovery from the Great Depression, and probably contributed to the setback of 1937-8.

"[The COVID-19 crisis] wouldn't be the first time America has resorted to large-scale fiscal stimulus in a peacetime emergency. The New Deal of the 1930s, a response to the Great Depression, is probably the most far-reaching example." (Katia Dmitrieva, "The Times America Went Big and Flooded Economy…