GDP, GNP, GDP per cap, population growth, standard of living growth, etc. When I'm talking growth in the context of tax, spending and regulatory policy, I'm talking GDP and standard of living.
The panic of 1893 was caused specifically by the Sherman Silver Purchase Act, which caused the market to be flooded with silver, which was experiencing rapid inflation. People dumped their silver for gold, in adherence to Gresham's Law, and the US couldn't print any more gold backed currency, they had to print silver backed, which again was rapidly losing value. Grover Cleveland campaigned on repealing that act, which he did, which caused the panic to stop, with some help from a gold loan from JP Morgan.
The Panic of 1873, or Crime of 73, as the free silverites called it, caused the US to dump silver as legal tender, which led to high deflation. It was unpopular with the western miners and midwest farmers, so the Bland-Allison act caused the US to start accepting silver as legal tender again and for the treasury to buy up 2.5-4.5 million dollars of silver every month to help sustain the price and keep mines open.
How much would your iPhone have cost in 1986? How much did Gordon Gekko's cell phone in Wall Street cost then and now? What would a never driven, perfectly preserved 1986 Toyota Camery cost now compared to then?
The panic of 1893 was caused specifically by the Sherman Silver Purchase Act, which caused the market to be flooded with silver, which was experiencing rapid inflation. People dumped their silver for gold, in adherence to Gresham's Law, and the US couldn't print any more gold backed currency, they had to print silver backed, which again was rapidly losing value. Grover Cleveland campaigned on repealing that act, which he did, which caused the panic to stop, with some help from a gold loan from JP Morgan.
The Panic of 1873, or Crime of 73, as the free silverites called it, caused the US to dump silver as legal tender, which led to high deflation. It was unpopular with the western miners and midwest farmers, so the Bland-Allison act caused the US to start accepting silver as legal tender again and for the treasury to buy up 2.5-4.5 million dollars of silver every month to help sustain the price and keep mines open.
How much would your iPhone have cost in 1986? How much did Gordon Gekko's cell phone in Wall Street cost then and now? What would a never driven, perfectly preserved 1986 Toyota Camery cost now compared to then?