Not success folks.
Two things you should read….
We all know that the current administration is harking back to the FDR’s New Deal to justify its Keynesian intrusion into our economy. We are also aware that when it is pointed out that the New Deal was an abject failure to restart the American economy and that is was only with the advent of WWII that full employment was achieved, Obama supporters will often shoot back that the initial monies devoted to the New Deal was not enough and that is was the truly MASSIVE war spending the restored America to its financial supremacy. Thus the justification for enormous stimulus bill and the passing of the current budget and talk of more stimulus. I will agree with the Democrats judgment with only a few minor caveats:
(read more at the link)
Some background: It’s spring, 1938. The New Deal lay in shambles. The country was in what can only be called the Great Depression II. The graph embedded in this post showsunemployment had risen to near 1933 levels and was rising. The massive government spending during the first four years had run its course, and no real permanent economic foundation had been established. At the 12:56 mark, FDR gives his reason why this slide into recession happened: It was a failure of consumer demand due to lack of buying power (aka: massive unemployment had reduced consumer demand) Sound familiar?