In the US presidential election of 1932 Franklin Roosevelt’s campaign song was: “Happy Days Are Here Again”. He won. Four years later, happy days had not returned: unemployment was down but still exceeded 15 per cent. That year, FDR was re-elected in a landslide that makes Barack Obama’s victory look small. He carried every state but Vermont and Maine and more than 60 per cent of the popular vote. He led the Democrats to majorities of 334 to 88 in the House of Representatives and 76 to 17 in the Senate.

The economy promptly tanked. In the end it was revived not by the New Deal but by the war FDR had promised to stay out of. He won two more presidential elections.