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Tuesday, March 03, 2009

Republicans just can't help themselves, can they?

A new talking point the Republicans have been trial-ballooning is the notion that Franklin Roosevelt's policies not only didn't solve the Depression, but made it worse.

OK, here are the facts. Between January 1929 and January 1933, the Hoover years, gross domestic product in constant dollars dropped 27%. Between January 1933 and January 1937, FDR's first administration, GDP rose 43%. Between January 1937 and January 1941, Roosevelt's second administration with heavy government expenditure getting ready for war, grew another 33% – despite a 3% decline in the first year of his second term generally attributed to Roosevelt mistakenly deciding he needed to put on the breaks after his first term and moderate spending. From 1933 through 1944, with sequential economic stimulus programs from the New Deal and the war build-up, GDP in real dollars grew almost 100% – i.e., doubled.

So which is better, an actual 27% decline in GDP in four years (Republicans), or growth of 43% in the first four years of te New Deal (Democrats)? Quick, quick, we need an answer.


Blogger marketingace said...

Bravo. Another red herring is GOP harping about FDR's government spending as a percent of GDP.
Checking the facts, Eisenhower spend approximately the same percentage. There were some smart Republicans. Presently, there are a legion of stupid ones.

11:04 PM  

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