ELIZABETH WARREN AND THE FDR UNEMPLOYMENT MYTH

I offer a quick hint for the senator from Massachusetts and presidential candidate, Elizabeth Warren:  if you’re going to compare yourself to Franklin Delano Roosevelt, you might want to do so on something that actually worked.

According to David Rutz’s article for the Washington Examiner, this paragraph is on Ms. Warren’s latest promotional email:

“When big business went after FDR, he said, ‘I welcome their hatred.’ And Elizabeth won’t back down either, because she has something Wall Street can’t match: a grassroots movement ready to do whatever it takes to make our economy work for everyone, not just the bankers and billionaires,”

Yes, it is true that big business did not like FDR. But what, exactly, did his not backing down do for the economy?

It is a constant amazement to me that people, including people who should know a lot better, still associate Franklin Delano Roosevelt’s economic policies with ending the depression.

In fact, the single lowest unemployment rate for any year in Roosevelt’s presidency, until World War II, was 14.3% in 1937 – after which it immediately jumped back up to 19% in 1938 and 17.2% in 1939.

Only with war imminent in 1941 (we declared war on Japan after it attacked Pearl Harbor on December 7), did unemployment finally drop below 10%…all the way down to, er, 9.9%.

Are you impressed?  If so, you must love unemployment.

So, tell us again, Ms Warren, how great things would be if your stand against corporate America would be as successful as FDR’s.

Everyone can use a belly laugh once in a while.

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