In May 1939, Treasury Secretary Henry J. Morgenthau Jr., one of Franklin Roosevelt’s best friends, testified before the House Ways and Means Committee: “I say after eight years of this Administration we have just as much unemployment as when we started… And an enormous debt to boot” (p. 2). When he spoke, unemployment exceeded 20 percent.
– Gordon, David. Review of New Deal or Raw Deal? How FDR’s Economic Legacy Has Damaged America, by Burton Folsom, Jr. The Mises Review14, No. 4 (Winter 2008).
Lawrence W. Reed is the President emeritus of the Foundation for Economic Education (FEE).