Depressing
One nice thing about governmental gridlock is that it usually doesn’t make matters worse. I hope Obama and the Democratic-controlled Congress remembers history – FDRs policies deepened the Great Depression:
Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt.
After scrutinizing Roosevelt’s record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.
I admire FDR for his foreign policy – before December 7th, he was one of the few politicians who recognized the threat of fascism around the world. But his domestic policies prolonged the depression and we continue to feel the effects of his entitlement programs.
