Dr.Sowell on BIG Spending:
- Guess who said the following: "We have tried spending money. We are spending more than we have ever spent before and it does not work." Was it Sarah Palin? Rush Limbaugh? Karl Rove?
- Not even close. It was Henry Morgenthau, Secretary of the Treasury under Franklin D. Roosevelt and one of FDR's closest advisers. He added, "after eight years of this Administration we have just as much unemployment as when we started. . . And an enormous debt to boot!"
- Far from pulling the country out of the Great Depression by following Keynesian policies, FDR created policies that prolonged the depression until it was more than twice as long as any other depression in American history. Moreover,
Roosevelt's ad hoc improvisations followed nothing as coherent as Keynesian economics. To the extent that FDR followed the ideas of any economist, it was an obscure economist at the , who was disdained by other economists and who was regarded with contempt by John Maynard Keynes. Universityof Wisconsin
- President Roosevelt's strong suit was politics, not economics. He played the political game both cleverly and ruthlessly, including using both the FBI and the Internal Revenue Service to harass and intimidate his critics and opponents.