Quotation of the Day…

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… is from page 242 of Burton Folsom, Jr.’s, 2008 volume, New Deal or Raw Deal? How FDR’s Economic Legacy Has Damaged America:

Let’s compare Roosevelt’s performance in international terms. The United States under Roosevelt fared worse than did almost any … European country in recovering from the Depression during the 1930s. The League of Nations kept data on unemployment and the table below reveals that in 1929 the United States had the lowest unemployment rate among the sixteen countries studied. In 1932, the U.S. had dropped to eighth place. By 1937, after Roosevelt’s first term, the U.S. had sunk to tenth place; the next year it fell further to thirteenth place. In more specific terms, the world index in unemployment for 1938 was 11.4 percent, but the United States had a sharply higher rate of 19.8 percent (and would rise higher in the months ahead).