Au contraire, this is a tired armchair reasoning argument.
We don't know what could've happened, but we do know what did happen. It's like those people that say that the New Deal was bad, actually, and if we did nothing that would be the same or better!
Right... but no. Because the New Deal did pull us out of the depression. It's one of the most potent and effective pieces of policy in American History. We can play armchair economist all day. But we have to face what we know worked and think about why it worked.