Also, the increase in unemployment with the 1937-38 recession was of only 3.4%, with Darby’s data, and by 1940 it was already at 9.5% falling precipitously with the onset of the war. Mind you, Darby was a traditional Monetarist, at that point at least, having studied in Chicago, and he argued that the reduction in unemployment, once corrected to include the New Deal programs reveals: "a strong movement toward the natural unemployment rate after 1933 [sic]."
The notion that 9.1% unemployment, much lower as a result of direct employment programs, is natural, in any sense is peculiar, to say the least. From my perspective it shows that the New Deal was actually quite more successful than normally presumed. But that's me. By the way, due to other activities I'll be blogging slightly less these following days.
PS: For more go to this paper.