For Those Who Think That the Country Needs Another "FDR Type Progressive" as President
THIS............“We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong...somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. I say after eight years of this Administration we have just as much unemployment as when we started. … And an enormous debt to boot."............Henry Morgenthau, Jr. FDR's Secretary of the Treasury to his fellow Democrats on the House Ways and Means Committee May 9th 1939
And with WWII we spent far, far, far more money than Morganthau would ever have imagined, and in the greatest proof of Keynesian theory ever, rescued the nation with progressive government investment.
ReplyDeleteJMJ
Good ol' Henry...stuck with FDR until he died! OH, and lets not forget Social Security was Henry's idea!
ReplyDeleteIf he wasn't 100% behind FDR he would have quit!
There's pretty much a general consensus among relevant scholars that the Raw Deal added about 7 years to the Depression. Of course, there are still plenty of morons out there that are 100% clueless regarding the principles of economics, and on top of that, are thoroughly dedicated to stealing from people to finance whatever social engineering scheme gets their hormones all vibrating, that we ended up with an economic ignoramus in the White House.
ReplyDeleteThe damage didn't end there, of course, since the welfare state that got put on turbocharge by that idiot FDR continued to grow into the trillions of dollars of debt and deficit that we have now.
Cut spending back to Coolidge levels, and guess what: no "debt crisis." What did Coolidge have? Incredible prosperity. What destroyed it? Government intervention and an unwillingness to let natural economic cycles take their course.
Anybody with even a fundamental understanding of economic principles and the history of the 20th century already knows that. And that explains why Jersey and TAO write the intellectually slothful things they do.
Bastiat, your understanding of US history is truly wierd.
ReplyDeleteJMJ
Bastiatarian - Well said!
ReplyDelete>your understanding of US history is truly wierd.
ReplyDeleteWhen political correctness and collectivist revisionism are removed from the typical portrayals of U.S. history, I'm sure that it really does look weird (and probably frightening, you poor thing) to people that live their lives in an emotional world of rainbows and unicorns.
Donald in Bethel, CT says:
ReplyDeleteWait. You mean this quotation is from 1939? Oh. I thought it was from 2011, in regard to President Obama's political abortion of a regime.
Ooops.
But can ya blame me, really? I mean, come on.
People try to have it both ways with FDR. They say that he was great because of the New Deal but then they inadvertently blame him for not continuing with the New Deal in 1937 (the depression within a depression). How can he be great if he didn't faithfully follow his own policies?............And Jersey, it isn't a metaphysical fact that WW2 got us out of the Depression. A competing explanation could be that Truman and the Congress a) removed price controls, b) peeled back on tariffs, and c) stopped bad-mouthing and threatening business.
ReplyDeleteHarry "the buck stops here" Truman may very well have been the last rational democrat. It is too bad that Kennedy wasn't given the time to serve out his term. Because of this we will never really know what his Presidency might have accomplished.
ReplyDeleteWhat we do know is were he alive and in office today he wold have been considered a conservative by today's standards.