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 very did not absorb all the unemployment Roosevelt inherited. Unemployment fell dramatically in Roos

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lynk2510



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PostSubject: very did not absorb all the unemployment Roosevelt inherited. Unemployment fell dramatically in Roos   Fri Jul 15, 2011 9:14 pm

ased from 8.0% of gross national product (GNP) under Hoover in 1932 to 10.2% of the GNP in 1936. The national debt as a percentage of the GNP had more that doubled under Hoover from 16% to 40% of the GNP in early 1933. It held steady at close to 40% as late as fall 1941, then grew rapidly during the war, as shown on chart 1.[82]


National debt steady at 40% of GNP in New Deal years
Deficit spending had been recommended by some economists, most notably by John Maynard Keynes of Britain. The GNP was 34% higher in 1936 than in 1932 and 58% higher in 1940 on the eve of war. That is, the economy grew 58% from 1932 to 1940 in 8 years of peacetime, and then grew 56% from 1940 to 1945 in 5 years of wartime. However, the economic recovery did not absorb all the unemployment Roosevelt inherited. Unemployment fell dramatically in Roos

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very did not absorb all the unemployment Roosevelt inherited. Unemployment fell dramatically in Roos
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