Herbert Croly Quotes
The native American, like the alien immigrant, conceives the better future which awaits himself and other men in America as fundamentally a future in which economic prosperity will be still more abundant and still more accessible than it has yet been either here or abroad.
Herbert Croly, 1869-1930, Political Philosopher & Editor of The New Republic, The Promise of American Life, 1909
Sourced by: Eigen's Political and Historical Quotations
Actually the statement is not literally true though the exceptions are not numerous. People who sold their American common stocks before the 1929 stock market made money. The few people who bet against the U. S. Housing and Mortgage markets before the Meltdown of 2008, made a great deal of money. Over extended long periods, Biden’s statement is true.
Herbert David Croly was an intellectual leader of the progressive movement as an editor, political philosopher and a co-founder of the magazine The New Republic in early twentieth-century America. His political philosophy influenced many leading progressives including Theodore Roosevelt, Adolph Berle, as well as his close friends Judge Learned Hand and Supreme Court Justice Felix Frankfurter.