…or 1938?
Democrats lost 80 seats in the 1938 election, after gaining seats in 1930, 1932, 1934 and 1936.
How did this happen? As Amity Shlaes notes in her history of the Depression, “The Forgotten Man,” Roosevelt believed less competition and high wages would heal the economy. Aided by Congress, he went about engineering those two things with a vengeance, trebling the size of the federal government in less than a decade.
At the time, such drastic action may have seemed warranted. Within three years of the 1929 crash, GDP had fallen nearly a third and a fourth of the U.S. work force was idle. Even so, the economy appeared to stabilize in 1934 and 1935, and in 1936, Democrats won landslides in both Congress and the presidency.
What happened next is a tale of overreach and hubris — one that holds lessons for today’s Democrats.
But they seem determined not to learn them. Because to do so would negate their entire world view.