Guess Who?

by Thomas Sowell

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!”

This is just one of the remarkable and eye-opening facts in a must-read book titled “New Deal or Raw Deal?” by Professor Burton W. Folsom, Jr., of Hillsdale College.

Ordinarily, what happened in the 1930s might be something to be left for historians to be concerned about. But the very same kinds of policies that were tried– and failed– during the 1930s are being carried out in Washington today, with the advocates of such policies often invoking FDR’s New Deal as a model.

Franklin D. Roosevelt blamed the country’s woes on the problems he inherited from his predecessor, much as Barack Obama does today. But unemployment was 20 percent in the spring of 1939, six long years after Herbert Hoover had left the White House.

Whole generations have been “educated” to believe that the Roosevelt administration is what got this country out of the Great Depression. History text books by famous scholars like Arthur M. Schlesinger, Jr., of Harvard and Henry Steele Commager of Columbia have enshrined FDR as a historic savior of this country, and lesser lights in the media and elsewhere have perpetuated the legend.

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