We have tried spending money. We are spending more than we have ever spent before and it does not work. After eight years of this administration we have just as much unemployment as when we started . . . . And an enormous debt to boot!
. . . Henry Morgenthau
(FDR's Secretary of the Treasury)
May 1939, on learning that the nation's
unemployment rate stood at 27%
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The largest barrier to full employment of our manpower and resources, and to a higher rate of economic growth, is the unrealistically heavy drag of federal income taxes on private purchasing power, initiative and incentive.
. . . President John F. Kennedy
January 24, 1963
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