FDR's Secretary of the Treasury Says New Deal a Failure.

Discussion in 'Economy' started by Charles_Main, Feb 18, 2009.

  1. Charles_Main
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    Henry Morgenthau, Jr. (IPA: /ˈmɔrgənθɔː/; May 11, 1891 – February 6, 1967) was Secretary of the Treasury of the United States during the administration of Franklin D. Roosevelt. He was also the father of Robert M. Morgenthau, the current District Attorney of New York County.

    New Deal

    In 1933, Roosevelt became President and appointed Morgenthau governor of the Federal Farm Board. In 1934, when William H. Woodin resigned because of ill-health, Roosevelt appointed Morgenthau Secretary of the Treasury (an act that enraged conservatives). Morgenthau was an orthodox economist who opposed Keynesian economics and disapproved of some elements of Roosevelt's New Deal. Although he was a Roosevelt loyalist and retained his office until 1945, in "New Deal or Raw Deal?" Burton Folsom quotes Morgenthau, testifying before the House Ways and Means Committee in May of 1939, the FDR ally did not sugarcoat it: "We are spending more money 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. 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."

    I suppose he was a Republican spy eh.
     
  2. Modbert
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    Modbert Daydream Believer Supporting Member

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    Link?
     
  3. Charles_Main
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    That is a direct quote of what he said in testimony before congress in 1939. After 7 full years of the New Deal.
     
  4. Charles_Main
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    Henry Morgenthau, Jr. - Wikipedia, the free encyclopedia

     
  5. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    He said this because the New Deal did indeed prolong and worsen the Great Depression.
     
  6. xsited1
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    The old New Deal cost about $50 billion in federal expenditures during the 1930s. Today, the future cost of old New Deal programs still in effect is estimated to cost more than $50 trillion. Imagine how much the 'new' New Deal will cost. America will not survive.
     
  7. Charles_Main
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    That is the problem. These people want to believe the new Deal worked, when not only did it not, but the costs of the New Deal are still with us today, and a big part of the over 60 Trillion in unfunded obligations we have.

    Many of the most troubling programs we have today, began as noble ideas.

    SS was never meant to be what it is today. It was meant to be a pay as you go retirement plan. However today more than half of what SS pays out is not retirement benefits. It is SSI and SSD, which have nothing to do with retirement. They are welfare programs plain and simple. Millions of disabled people, most deserving, many not, are collecting more out of a system than they ever paid in.

    Because government is inefficient, government programs always grow beyond their original intentions, and SS is a prime example.
     
    Last edited: Feb 18, 2009

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