> -----Original Message----- > From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On > Behalf Of Nick Arnett > Sent: Monday, November 03, 2008 8:44 AM > To: Killer Bs (David Brin et al) Discussion > Subject: Re: Franklin Delano Bush > > On Sun, Nov 2, 2008 at 11:21 PM, Doug Pensinger <[EMAIL PROTECTED]> wrote: > > > On Fri, Oct 31, 2008 at 11:25 AM, John Williams > > <[EMAIL PROTECTED]> wrote: > > > > > And sent unemployment to nearly 25%. Good intentions are no substitute > > for good > > > decisions. Roosevelt's policies were disastrous for the poor. > > > > Cite please. I'm pretty sure that unemployment hit 25% during his > > first year in office and declined (for the most part) thereafter. > > > > > Wikipedia: > > "Unemployment fell dramatically in Roosevelt's first term, from 25% when > he > took office to 14.3% in 1937." This was, of course, long before the war > had > any effect on employment. > > "The U.S. > economy<http://en.wikipedia.org/wiki/Economy_of_the_United_States>grew > rapidly during Roosevelt's term. > [55] <http://en.wikipedia.org/wiki/Franklin_D._Roosevelt#cite_note- > 54>However, > coming out of the depression, this growth was accompanied by > continuing high levels of > unemployment
<http://en.wikipedia.org/wiki/Unemployment_rate#New_Deal_in_US A.2C_1933-40>; > as the median joblessness rate during the New Deal was 17.2%. Throughout > his > entire term, including the war years, average unemployment was 13%." > > John had it exactly right, except backwards. I think that the drop in unemployment from 1933 to 1937 is not the subject of much argument. It's the reason for the following year's rise back up to 19% that sparks the arguments. Those who think that FDR did more harm than good cite problems with profits, new labor laws that made it easier to strike, etc. Keynesians would argue that the balancing of the Federal budget in 1938 was the cause, since deficits were still needed. What is undisputed is that, as WWII started, the US rate dropped down to 9.9% in 1941, and dropped down below 2% from 43-45...as we were firmly in the war. I'd argue that these data tends to favor Keynesian analysis, since the war involved overwhelming government intervention in the economy, massive federal deficits, etc. Indeed, from a purely economic point of view this is wasteful government spending at its worth, spending billions upon billions on things that either blow themselves up or get blown up. Yet, it was the foundation of the US being the economic powerhouse that it was during the next 60 or so years. Dan M. _______________________________________________ http://www.mccmedia.com/mailman/listinfo/brin-l
