Did the ‘New Deal’ prolonge the US economic slump during the great depression? Is history repeating itself? ?
Posted by | Posted in New York Court Records | Posted on 14-05-2010
the New Deal never came close to ending the great slump of the 1930s. And what is more, many experts believe that its creator Franklin Delano Roosevelt actually made it much, much worse.
FDR, as he was universally known, was a patrician New York Democrat confined to a wheelchair after contracting polio. He won a record four elections and led his country to victory in the Second World War.
When others seemed clueless in the face of the Depression, he promised unstinting
government activism. And his breezy self-confidence inspired a generation of Americans — including Ronald Reagan, whose admiration for his political hero never faltered even as he was dismantling FDR’s policies in the 1980s.
It is also easy to see why the New Deal struck such a chord. When FDR became president in March 1933, the American economy was facing collapse. Banks had been shut in 32 states, and some 17million people had been thrown out of work — almost a third of the adult workforce.
There is no doubt that his public works and ‘workfare’ schemes provided desperately needed relief for millions. At a time when welfare was no more than rudimentary, these schemes meant the difference between starvation and survival.
Yet the New Deal was meant to bring not just relief, but economic recovery. In that respect, it failed.
Are we repeating the disaster from the 1930′s with all of these bailout? Read the full story and you decide and give me your comments.
http://www.dailymail.co.uk/news/article-1089131/Great-myth-New-Deal-Depression-era-plan-prolonged-US-economic-slump-makes-poor-model-Britain.html





