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George Selgin: FDR pushed deficit spending after 1937-8 recession

George Selgin: FDR pushed deficit spending after 1937-8 recession
FDR turned to deficit spending in recession

George Selgin describes how, following the 1937-8 recession attributed to fiscal and monetary tightening approved by President Franklin D. Roosevelt, Keynesian economists persuaded FDR to back a new large-scale deficit spending initiative.

However, Selgin notes that some insiders claim FDR supported this policy reluctantly. He references views expressed by Ken Galbraith on the matter.

Selgin has previously questioned government interventions during periods of collapsing spending, describing these as bailouts for producers. In another analysis, he argued that central banks acquired currency-issuing powers through legislation rather than market evolution. His recent comments on FDR and deficit spending follow a pattern of scrutinizing the roots of major economic policies.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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