Obama Explains FDR’s Folly?

Jan 28, 2009
In The News

Congressman Frank Lucas (R-OK) offered KNID radio an illuminating glimpse into President Obama’s much-discussed stimulus pep talk with House Republicans.  According to Lucas, Obama expressed his belief during the meeting that a major problem with FDR’s New Deal is that it didn’t spend enough money in the early going.  Here’s a partial transcript of the congressman’s interview:

“The president offered a comment in the conference the other day.  He said that the spending program that President Roosevelt used in the beginning of the depression – the real problem was that Roosevelt slowed down on public spending in the first two years.  If he’d just kept on spending that money, we’d have gotten out of the depression quicker…

I think [that’s] an indication of what’s coming.  Maybe not just an $825 Billion increase in the national debt for additional spending this year, but if the economy continues to sag over the course of the year, don’t be surprised—based on his comment about the 1930s—if President Obama [proposes] another increase in the national debt and another big spending package after this.”

In other words, Obama thinks FDR’s plan was a laudable start, but ultimately faltered because it didn’t spend more money, sooner.  I haven’t seen similar accounts of Obama’s remarks reported elsewhere, but if Lucas’ recollection is accurate, shouldn’t these comments be alarming to skeptics of the current stimulus package?

Jonah’s excellent piece in the current edition of NRODT, and exhaustive analysis from the Heritage Foundation, make the case that the New Deal suffered from a number of major flaws.  Its failure to pump out countless more government dollars at an even faster clip was not among them.

# # #

Recent Posts

Feb 21, 2024

Lucas Stands Up for Oklahoma Beef Producers

Washington, DC – Today, Congressman Frank Lucas (OK-03) joined an effort to halt the Biden Administration’s rule allowing for the importation of fresh Paraguayan beef, which has historically been affected by the viral foot-and-mouth disease. The USDA’s most recent inspection of cattle in Paraguay was nearly a decade ago.  Congressman Lucas (OK-03) joined Rep. Ronny Jackson’s (TX-13) joint resolution […]

Feb 20, 2024

Lucas: USDA fails to deliver support to Oklahoma farmers.

Washington, DC – At today’s House Agriculture Committee hearing, Congressman Lucas questioned Secretary of Agriculture Tom Vilsack over the Biden Administration’s failed Emergency Relief Program (ERP). Congressman Lucas noted that producers in Oklahoma were feeling the negative affects of the ERP 2022 program. Secretary Vilsack questioned this claim, prompting Congressman Lucas to defend his constituents. Click here or […]

Feb 6, 2024

Secretary Yellen Dodges Basel Endgame Questioning

Washington, DC – Today, Congressman Lucas followed up with Secretary Yellen on whether Treasury has discussed the impact of the Basel Endgame proposal with the Federal Reserve. When asked a straightforward question on the detrimental impact of the proposal, Secretary Yellen had no answer. February 6, 2024 Lucas: “Are you concerned that the proposal will undermine the […]