In the great depression, things could only be set right by…
“In the great depression, things could only be set right by causing the idle plant to work again . . . Roosevelt . . . spent billions of public money and created a huge public debt, but by so doing he revived production and brought his country out of the depression. Businessmen, who in spite of such a sharp lesson continued to believe in old-fashioned economics, were infinitely shocked, and although Roosevelt saved them from ruin, they continued to curse him and to speak of him as 'the madman in the White House.' . . . [It's one more] striking example of inability to learn from experience.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Roosevelt’s massive public spending revived the economy, showing that bold fiscal action can counteract crisis despite creating debt.
In simple terms: Big spending can revive a stagnant economy.
Key Takeaway
Use bold fiscal policy in crises.
Themes
economics
government intervention
debt
crisis management
public policy
Mood
analytical
historical
Type
economic
political
When to use this quote
- national emergencies
- economic downturns
- policy debates
- financial planning
Key Concepts
Keynesian economics
fiscal stimulus
public debt
historical analysis
Questions to Reflect On
- Should debt limits be absolute?
- How to balance stimulus with fiscal responsibility?
A Different Perspective
Large debt may burden future generations.