What Ended The Great Depression?


by Stephen Moore

“What is history but a fable agreed upon?”

as Napoleon once put it, and never has that been more true than the story of the Great Depression and its aftermath. With liberals again pitching more government spending “stimulus” in Washington, it’s critical we get this history right.

In a previous column I unmasked the historical lie that Franklin Roosevelt’s New Deal programs ended the Great Depression. After seven years of New Deal-era explosions in federal debt and spending, the U.S. economy was still flat on its back, and misery could be seen on the street corners. By 1940, unemployment still averaged a sky-high 14.6 percent. That’s some recovery.

However, I’ve been deluged with the same question from readers: Ok, what did end the Great Depression?   [Continue reading]