Pride, Prejudice, and Politics: Roosevelt Versus Recovery, 1933-1938

Pride, Prejudice, and Politics: Roosevelt Versus Recovery, 1933-1938

Pride, Prejudice, and Politics: Roosevelt Versus Recovery, 1933-1938

Pride, Prejudice, and Politics: Roosevelt Versus Recovery, 1933-1938

Synopsis

In this first sustained scholarly critique of the New Deal from the conservative perspective, Best argues that Roosevelt was, himself, the primary obstacle to American recovery from the Great Depression of 1933-38. Challenging conventional explanations that fault Roosevelt for not embracing Keynesian spending on a scale sufficient to produce recovery, Best finds the roots of America's slow return to economic health in Roosevelt's hostility to the very groups he should have been encouraging: the American business and financial communities.

Excerpt

Statistics are useful in understanding the history of any period, but particularly periods of economic growth or depression. Statistics for the Roosevelt years may easily be found in Historical Statistics of the United States published by the Bureau of the Census, U.S. Department of Commerce (1975). Some of the trauma of the depression years may be inferred from the fact that the population of the United States grew by over 17 million between 1920 and 1930, but by only about half of that (8.9 million) between 1930 and 1940.

Historical Statistics gives the figures shown in Table I for unemployment, 1929-1940. These figures are, however, only estimates. The federal government did not monitor the number of unemployed during those years. Even so, these figures are shocking, indicating as they do that even after the war had begun in Europe, with the increased orders that it provided for U.S. mines, factories, and farms, unemployment remained at 14.6 percent.

One characteristic of the depression, to which attention was frequently called during the Roosevelt years, was the contrast between its effects on the durable goods and consumer goods industries. Between 1929 and 1933, expenditures on personal durable goods dropped by nearly 50 percent, and in 1938 they were still nearly 25 percent below the 1929 figures. Producers' durable goods suffered even more, falling by nearly two-thirds between 1929 and 1933, and remaining more than 50 percent below the 1929 figure in 1938. At the same time, expenditures on nondurable, or consumer, goods showed much less effect. Between 1929 and 1933 they fell only about 14.5 percent, and by 1938 they exceeded the 1929 level. These figures indicate that the worst effects of the depression . . .

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