Dark Parallels, Not With Carter But With FDR – Walter Williams
People are beginning to compare Barack Obama’s administration to the failed administration of Jimmy Carter, but a better comparison is to the Roosevelt administration of the 1930s and ’40s.
Let’s look at it with the help of a publication from the Mackinac Center for Public Policy and the Foundation for Economic Education titled “Great Myths of the Great Depression,” by Lawrence Reed.
During the first year of President Franklin D. Roosevelt’s New Deal, he called for increasing federal spending to $10 billion while revenues were only $3 billion. From 1933 to 1936, government expenditures rose by more than 83%. Federal debt skyrocketed by 73%. Roosevelt signed off on legislation that raised the top income tax rate to 79% and later to 90%.
Burton Folsom, professor of history and economics at Hillsdale College in Michigan and author of “New Deal or Raw Deal?,” notes that in 1941, Roosevelt even proposed a 99.5% marginal tax rate on all incomes more than $100,000.
When a top adviser questioned the idea, FDR replied, “Why not?”
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