By Teamsters General President James P. Hoffa
Published in the Detroit News on August 10, 2011
The debt deal passed by Congress last week looks like a tragic failure to learn the lessons of history.
I’m afraid that too little federal spending will strangle our economy as it did in the early ‘30s. Back then, the country was in dire straits after the stock market crashed and banks collapsed. One-quarter of the workforce was unemployed, manufacturing fell by half and banks foreclosed on nearly a fifth of the country’s homes and farms.