FDR inherited a whopping 24.1% unemployment rate from Herbert Hoover and the Great Depression saw 27% of the working age population unemployed.
None of the various U.S. Department of Labor statistical measures include ALL of the demographics that are now without work in the U.S. and that are, nonetheless, either seeking a job or are discouraged by the improbability of finding one—-such as those who live on family farms, those who are over 65, those who recently left school but have not been in the work force as of yet, etc.
Investor’s Business Daily and TIPP recently completed a survey of around 3000 Americans to determine the real unemployment rate in the U.S. without including any of the hedges or dodges that have been added to the official statistical methods of U.S. Department of Labor by both Republican and Democratic administrations so as to hide the truth from the American public about our more and more abject social conditions.
The average unemployment figure that resulted from their survey was 22.5%, i.e., a figure that is almost identical to the 24.1% unemployment rate that FDR inherited from Herbet Hoover.
Regarding the Great Depression
British economist John Maynard Keynes argued in General Theory of Employment Interest and Money that lower aggregate expenditures in the economy contributed to a massive decline in income and to employment that was well below the average. In such a situation, the economy reached equilibrium at low levels of economic activity and high unemployment. Keynes’ basic idea was simple: to keep people fully employed, governments have to run deficits when the economy is slowing, as the private sector would not invest enough to keep production at the normal level and bring the economy out of recession. Keynesian economists called on governments during times of economic crisis to pick up the slack by increasing government spending and/or cutting taxes.
FDR then implemented his so called New Deal programs
British economist John Maynard Keynes argued in General Theory of Employment Interest and Money that lower aggregate expenditures in the economy contributed to a massive decline in income and to employment that was well below the average. In such a situation, the economy reached equilibrium at low levels of economic activity and high unemployment. Keynes’ basic idea was simple: to keep people fully employed, governments have to run deficits when the economy is slowing, as the private sector would not invest enough to keep production at the normal level and bring the economy out of recession. Keynesian economists called on governments during times of economic crisis to pick up the slack by increasing government spending and/or cutting taxes.
