FDR’s own Treasury Secretary said the New Deal did not work

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Copyright by John T. Reed

Here is a quote from Henry Morgenthau, the Depression era TreasurySecretary of President Franklin D. Roosevelt from the Web site http://fee.org/nff/three-myths-of-the-great-depression/:

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.

I appreciate informed, well-thought-out constructive criticism and suggestions. If there are any errors or omissions in my facts or logic, please tell me about them. If you are correct, I will fix the item in question. If you wish, I will give you credit. Where appropriate, I will apologize for the error. To date, I have been surprised at how few such corrections I have had to make.