Bruce Bartlett worries about a repeat of 1937 - 1938

Bruce Barlett has an interesting post (see here) in which he worries that U. S. policymakers could be poised to make the same mistake that the Roosevelt administration did in 1937 and 1938.  He says:

This combination of fiscal and monetary tightening – which conservatives advocate today – brought on a sharp recession beginning in May 1937 and ending in June 1938, according to the National Bureau of Economic Research. Real G.D.P. fell 3.4 percent in 1938, and the unemployment rate rose to 12.5 percent from 9.2 percent in 1937.