New Deal or Raw Deal?

The New Media Journal ^ | Feb 27, 2009 | Richard Geno

[NewMediaJournal]

Last week, I had the opportunity to hear Burton Folsom speak to a group of more than 300 college students at San Jose State University. In addition to presenting a strong case that the programs of Franklin Roosevelt provided a "raw deal," he proved to be an enthusiastic and inspiring speaker. Based on the many questions asked after his presentation, it was apparent that by the end of the event that most students were convinced that FDR's economic legacy left a damaged America.

He started his economic journey in 1920 when the country elected Warren Harding as president as we were dealing with a 12% unemployment rate. President Harding started to initiate a program of cutting tax rates and cutting federal spending. President Harding met with an untimely death just two years into his term. Vice-president Calvin Coolidge became President, and continued the policies started by Warren Harding. What followed was the Roaring 20's, and arguably the best of economic times in American history.

Calvin Coolidge believed that high tax rates discourage private investment into the economy, which is exactly what is needed to stimulate the economy, provide jobs, and cut unemployment. The term "misery index" was not yet coined (unemployment rate plus inflation rate); but the administration of Calvin Coolidge had the lowest misery index of any administration in the 20th Century - 4.3%. The only other administrations in the 20th Century that had lower than a 10% misery index were Ronald Reagan and Bill Clinton (both between 8-9%).

What were the results from Harding and Coolidge cutting tax rates and cutting federal spending? In every year of the 1920's, there was a budget surplus. Imagine that.

[Nateman]

Thanks to another Freeper post I got this book and read it. Very enlightening on today’s events.

[Paine in the Neck]

I strongly recommend this book. It's a little slap-dash in its editing but makes a good case that FDR was as economically a neophyte as Obama and totally in the thrall of pointy-headed academic commies from Columbia.

Another good book is The New Dealers War by Thomas Fleming. Both are good amunition with which to puncture the phony FDR myths.

[Frantzie]

I must be drunk. Let me get this straight? 300 kids at San Jose State and a prof talking about how FDR made things worse?

I had to put up in school with the “FDR saved America crap.” Old people talking the same sh** too. “Well in my day FDR and the WPA....” You just wanted to say “yeah right get a clue gramps.”

Thank God my parents had told me how FDR was a mega socialist. Obama is more Mugabe/Chavez/Stalin than FDR or Carter.

I am praying the kids today hit the job market and get the sh**t smacked out of them. I had that with Carter and it took time for Reagan to clean up the mess. Awful job market for years after Carter’s disaster because it took a while for Reagan to reverse carter’s mess.

Carter created a LOT of young conservatives.

[Dick Bachert]

“People get the government they deserve.” Joseph deMaistre.

And when people become THIS freaking STUPID and inattentive to their freedoms, THIS is the PRESIDENT they deserve.

[erikm88]

Also, FDR's Folly by Jim Powell. This book is very informative and well-documented. At times, Mr. Powell presents both sides of the argument (Pro FDR v. Anti-FDR)... A must read especially now!