Perhaps Paul Krugman can explain this chart of his in light of this quote of Roosevelt's Secretary of the Treasury, Henry Morganthau Jr., who famously said, in 1939 after six years of New Deal Keynsian spending programs :"“We have tried spending money. We are spending more than we have ever spent before and it does not work.” Of course what he meant by that was the unemployment rate was virtually the same as it was when Roosevelt came into office in 1933. Despite the facts Keynsians stick by their man, for some reason.
OR?
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