Sep 9, 2010

Henry Morgenthau on the failure of New Deal Spending in 1939

We have tried spending money. We are spending more than we have ever spent before and it does not work. 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!

~ FDR's secretary of Treasury and close friend, Henry Morgenthau, who served from 1934 to 1945, writing in 1939

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