When he became president in 1934, FDR’s Secretary of Treasury was his close personal friend Henry Morgenthau. After 5 years of government stimulus through the holy “New Deal” Mr Morgenthau addressed the congressional ways and means committee and said: “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!”
Do we need to re-elect Obama in 2012 before we hear Democrats admit that stimulus doesn’t work? or should we learn from our past and listen to the words of the original stimulus spending Democrats and stop the spending now?
For a history of the failed “new deal” I suggest reading “New Deal or Raw Deal” by Burton Folsom Jr. The author has a clear bias against FDR, but presents enough factual statistics to support his opinion that you have to agree with him on the failure of the “new deal” programs. It is blind party loyalty that will prevent people from accepting the truth of the facts presented by Mr Folsom.