Did the New Deal Prolong the Great Depression?
Yes: Burton W. Folsom, Jr.
* The Cabinet head had personal connections with the President. Made him bias towards FDR’s ideas * Unemployment was higher in 1939 than in 1931 after hoover left office * Govt went from running a surplus to a deficit
* Seven Years of trade deficits cursed American GDP over the span of the New Deal * Welfare and Social Security kept lazy people lazy and made hard working people take pay cuts * The economy is self regulating and self healing; it would have fixed itself in time(not 12 years though) * IT was “Constraints School”
* The US economy was in a nose-dive for the first 6 years of FDR’s presidency, but he kept the Ether up and promised progress * Roosevelt Raised taxes across the board… Sounds familiar to what is going on now… damn Obama * If the war did not come about, FDR would not have lasted the 4 terms. NO: Roger Biles
* FDR believed Taking a method and trying it until it worked or didn’t. It it did, then keep doing it; if it didn’t admit that defeat and try something else. * He used the Federal Gov’t to “help” regulate the economy(kind of like genetically engineering which also doesn’t work 100% of the time) * Unemployment decreased over the first 5 years of FDR’s presidency * The FDIC insured everyone’s money that is in the bank which is something that the US needed in 1929 * FDR created hope for everyone with Social Security, Welfare and Section 8 housing * He created the US postal service, rural electrification act, and rural mail act * Roosevelt changed the form of Gov’t in a short 12 years * He created “Wealth Tax” (sounds familiar AGAIN!) which “affected Very few taxpayers” * He then Repealed the “Wealth Tax” because it didn’t work
FDR’s new deal was a great idea in theory(so is Marxism), but wasn’t the best idea for the time. What he did is kind of what we are going through today: Promising change but...
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