Friday, November 28, 2008

The Jubilee Train Was A Little Late

Reviewing some recent scholarship about the New Deal, Mona Charen argues that massive federal spending didn't reduce unemployment. She offers this May 1939 quotation from congressional testimony by FDR's own Treasury secretary, Henry Morgenthau:
We are spending more money than we have ever spent before and it does not work. 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.

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