Well, I’m not sure where FDR ranks on the best to worst scale for President, but have read his past economic leadership might have not been as successful as some have thought. FDR brought Keynesian economics to the nation, still used today, which probably caused the depression of the 30s to last longer than it should have. And we look to have the same problem in America today.
Thomas Sowell has an article today touching on that idea.
“Just Let The Economy Recover”
http://www.investors.com/NewsAndAnalysis/Article/570779/201105021810/Just-Let-The-Economy-Recover.htm
Excerpt:
"Those who are true believers in the old-time Keynesian economic religion will always say that the only reason creating more money hasn’t worked is because there has not yet been enough money created. To them, if QE2 hasn’t worked, then we need QE3. And if that doesn’t work, then we will need QE4, etc.
Like most of the mistakes being made in Washington today, this dogmatic faith in government spending is something that has been tried before â?? and failed before.
Henry Morgenthau, secretary of the Treasury under President Franklin D. Roosevelt, said confidentially to fellow Democrats in 1939:
“We have tried spending money. We are spending more than we have ever spent before and it does not work.”
As for the Federal Reserve today, a headline in the Wall Street Journal of April 25 said, “Fed Searches for Next Step.”
That is a big part of the problem. It is not politically possible for either the Federal Reserve or the Obama administration to leave the economy alone and let it recover on its own.
Both are under pressure to “do something.” If one thing doesn’t work, then they have to try something else. And if that doesn’t work, they have to come up with yet another gimmick.
All this constant experimentation by the government makes it more risky for investors to invest or employers to employ, when neither of them knows when the government’s rules of the game are going to change again. Whatever the merits or demerits of particular government policies, the uncertainty that such ever-changing policies generate can paralyze an economy today, just as it did back in the days of FDR.
The idea that the federal government has to step in whenever there is a downturn in the economy is an economic dogma that ignores much of the history of the United States.
During the first 100 years of the United States, there was no Federal Reserve. During the first 150 years, the federal government did not engage in massive intervention when the economy turned down. No economic downturn in all those years ever lasted as long as the Great Depression of the 1930s, when both the Federal Reserve and the administrations of Hoover and of FDR intervened.
The myth that has come down to us says that the government had to intervene when there was mass unemployment in the 1930s. But the hard data show that there was no mass unemployment until after the federal government intervened. Yet, once having intervened, it was politically impossible to stop and let the economy recover on its own. That was the fundamental problem then â?? and now."