Stanley Lebergott estimated that unemployment reached 11, 7% which is almost 12% (Wikipedia).
If you look at these statistics, and if my calculation is correct then GDP was down 17%:
On Wikipedia there’s a paragraph critical of Woods’s interpretation:
“Daniel Kuehn’s recent research calls into question many of the assertions Woods makes about the 1920-21 recession. Kuehn argues that the most substantial downsizing of government was attributable to the Wilson administration, and occurred well before the onset of the 1920-21 recession. Kuehn notes that the Harding administration raised revenues in 1921 by expanding the tax base considerably at the same time that it lowered rates. Kuehn also argues that Woods underemphasizes the role the monetary stimulus played in reviving the depressed economy and that, since the 1920-21 recession was not characterized by a deficiency in aggregate demand, fiscal stimulus was unwarranted. Economist Paul Krugman, who is critical of the Austrian interpretation, notes that the monetary base expanded significantly from 1922-1925, and that this expansion was accompanied by a reduction in commercial paper rates. Allan Metzger suggests that deflation and the flight of gold from hyper-inflationary Europe to the U.S. also contributed to the rising real money stock and economic recovery.”
I think Tom didn’t mention either the following two tariffs:
But maybe they aren’t significant and aren’t worth to be mentioned.
Consider the following articles:
I’m sure you can refute some of the criticisms!