uess who said the following: “We have tried spending money. We are spending more than we have ever spent before and it does not work.” Was it Sarah Palin? Rush Limbaugh? Karl Rove?
Not even close. It was Henry Morgenthau, secretary of the Treasury under Franklin D. Roosevelt and one of FDR’s closest advisers. He added, “after eight years of this Administration we have just as much unemployment as when we started. . . . And an enormous debt to boot!”
This is just one of the remarkable and eye-opening facts in New Deal or Raw Deal?, a must-read book by Prof. Burton W. Folsom Jr. of Hillsdale College.
Tuesday, November 02, 2010
Sowell: Spending Money Does Not Work