Friday, March 27, 2009
As the Great Depression persisted, even Treasury Secretary Henry Morgenthau admitted that the New Deal had been a failure. On May 6, 1939, he confessed,
“We are spending more than we have ever spent before and it does not work. . . . 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!”
Yet the American people still believe 70 years later that the New Deal government programs ended the Great Depression. In fact, they caused it it to be deeper and much longer than it would have been.
Obama and his supporters are going down the same road only much farther and deeper and starting from a much worse national debt in 2008 than the U.S. had in 1932.
Myths of the Great Depression