"Admirers of FDR credit his New Deal with restoring the American
economy after the disastrous contraction of 1929--33. Truth to
tell-as Powell demonstrates without a shadow of a doubt-the New
Deal hampered recovery from the contraction, prolonged and added to
unemployment, and set the stage for ever more intrusive and costly
government. Powell's analysis is thoroughly documented, relying on
an impressive variety of popular and academic literature both
contemporary and historical."
-Milton Friedman, Nobel Laureate, Hoover Institution
"There is a critical and often forgotten difference between
disaster and tragedy. Disasters happen to us all, no matter what we
do. Tragedies are brought upon ourselves by hubris. The Depression
of the 1930s would have been a brief disaster if it hadn't been for
the national tragedy of the New Deal. Jim Powell has proven
this."
-P.J. O'Rourke, author of "Parliament of Whores and "Eat the Rich
"The material laid out in this book desperately needs to be
available to a much wider audience than the ranks of professional
economists and economic historians, if policy confusion similar to
the New Deal is to be avoided in the future."
-James M. Buchanan, Nobel Laureate, George Mason University
"I found Jim Powell's book fascinating. I think he has written an
important story, one that definitely needs telling."
-Thomas Fleming, author of "The New Dealers' War
"Jim Powell is one tough-minded historian, willing to let the chips
fall where they may. That's a rare quality these days, hence more
valuable than ever. He lets the history do the talking."
-David Landes, Professor of History Emeritus, Harvard University
"Jim Powell drawstogether voluminous economic research on the
effects of all of Roosevelt's major policies. Along the way, Powell
gives fascinating thumbnail sketches of the major players. The
result is a devastating indictment, compellingly told. Those who
think that government intervention helped get the U.S. economy out
of the depression should read this book."
-David R. Henderson, editor of "The Fortune Encyclopedia of
Economics and author of "The Joy of Freedom
The Great Depression and the New Deal. For generations, the
collective American consciousness has believed that the former
ruined the country and the latter saved it. Endless praise has been
heaped upon President Franklin Delano Roosevelt for masterfully
reining in the Depression's destructive effects and propping up the
country on his New Deal platform. In fact, FDR has achieved
mythical status in American history and is considered to be, along
with Washington, Jefferson, and Lincoln, one of the greatest
presidents of all time. But would the Great Depression have been so
catastrophic had the New Deal never been implemented?
In FDR's Folly, historian Jim Powell argues that it was in fact the
New Deal itself, with its shortsighted programs, that deepened the
Great Depression, swelled the federal government, and prevented the
country from turning around quickly. You'll discover in alarming
detail how FDR's federal programs hurt America more than helped it,
with effects we still feel today, including:
- How Social Security actually increased unemployment
- How higher taxes undermined good businesses
- How new labor laws threw people out of work
- And much more
This groundbreaking book pulls back the shroud ofawe and the cloak
of time enveloping FDR to prove convincingly how flawed his
economic policies actually were, despite his good intentions and
the astounding intellect of his circle of advisers. In today's
turbulent domestic and global environment, eerily similar to that
of the 1930s, it's more important than ever before to uncover and
understand the truth of our history, lest we be doomed to repeat
it.
"From the Hardcover edition.
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