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 Dr. 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. Between 1933 and 1936, government expenditures rose by more than 83 percent. Federal debt skyrocketed by 73 percent. Roosevelt signed off on legislation that raised the top income tax rate to 79 percent and then later to 90 percent. Hillsdale College economics historian and professor Burt Folsom, author of "New Deal or Raw Deal?", notes that in 1941, Roosevelt even proposed a 99.5 percent marginal tax rate on all incomes more than $100,000. When a top adviser questioned the idea, Roosevelt replied, "Why not?"
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Professor Walter Williams (photo)