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We keep hearing from conservative commentators that FDR didn't end the Great Depression, it was WW2 . . . it is true that GDP did not recover to the level of 1929 again until 1941, but FDR was not President in 1929, and if you graph GDP for the years he was President, it looks a lot like a recovery:
Year GDP (Billions)
1933 $56.4
1934 $66.0
1935 $73.3
1936 $83.8
1937 $91.9
1938 $86.1
1939 $92.2
1940 $101.4
www.bea.gov/national/nip...TableView.asp
This becomes even more clear when you consider economic growth:
Year Growth
1933 -1.3%
1934 10.8%
1935 8.9%
1936 13.0%
1937 5.1%
1938 -3.4%
1939 8.1%
1940 8.8%
www.bea.gov/national/nip...TableView.asp
This averages out to an annual growth of 6.25%, a strong recovery by any standard. FDR understandably believed in 1937 that he could afford to raise taxes in order to balance the budget, which accounts for the dip in 1938.
An honest appraisal of the unemploment data paints a similar picture:
edgeofthewest.wordpress.com/2008...cord/
Year GDP (Billions)
1933 $56.4
1934 $66.0
1935 $73.3
1936 $83.8
1937 $91.9
1938 $86.1
1939 $92.2
1940 $101.4
www.bea.gov/national/nip...TableView.asp
This becomes even more clear when you consider economic growth:
Year Growth
1933 -1.3%
1934 10.8%
1935 8.9%
1936 13.0%
1937 5.1%
1938 -3.4%
1939 8.1%
1940 8.8%
www.bea.gov/national/nip...TableView.asp
This averages out to an annual growth of 6.25%, a strong recovery by any standard. FDR understandably believed in 1937 that he could afford to raise taxes in order to balance the budget, which accounts for the dip in 1938.
An honest appraisal of the unemploment data paints a similar picture:
edgeofthewest.wordpress.com/2008...cord/
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Re: FDR & the Great Depression
Mon, February 2, 2009 - 4:31 PMThey also just printed more money and dropped the gold standard. -
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Re: FDR & the Great Depression
Tue, February 3, 2009 - 8:52 PMInteresting.
Thanks !
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Re: FDR & the Great Depression
Wed, February 4, 2009 - 2:36 PM
I think it more likely that the onset of WWII in the rest of the world in 1939 or earlyer that was the real factor here.
Patrick -
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Re: FDR & the Great Depression
Wed, February 4, 2009 - 4:42 PMExcluding the years 1939 and 1940, the average annual growth would be 5.5%, still very impressive. -
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Re: FDR & the Great Depression
Thu, February 5, 2009 - 5:03 PM -
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Re: FDR & the Great Depression
Thu, February 5, 2009 - 5:36 PMI don't trust the stats. Conservatives keep cherry-picking the data.
mediamatters.org/items/200812030014
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