Economics

New Deal or Bad Deal?

Franklin Roosevelt was wrong. In the most quoted phrase of the Great Depression, he promised the American people that the only thing they had to fear was fear itself. By the end of that debilitating decade, what the American people had learned to fear most was the government. The President, and his well-intentioned New Dealers of inspiring rhetoric but confused and counter-productive socialist policies, had prolonged the pain, developed make-work projects instead of real jobs, made scapegoats of business and businessmen, scared off capital and saddled the taxpayer with a mountain of debt. That ordinary taxpayer, the Forgotten Man of…

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