-By Warner Todd Huston
A new article on Franklin Roosevelt’s New Deal policies has been published by the Milken Institute Review. The piece reveals how FDR’s strengthening of labor unions contributed to the continued economic downturn experienced during the Great Depression and how the country’s disastrous economic condition was exacerbated by the failure of the New Deal. As time passes more and more honest economists and historians – those not sold out to Roosevelt sycophancy – are coming to terms with the simple fact that FDR was a failure as president with everything except his prosecution of WWII. Here is yet another historical review in that vein. (See .pdf file of article)
The Article, titled “Where the New Deal Went Badly Wrong,” was written by Harold L. Cole and Lee Ohanian. Harold L. Cole, Ph.D. Economics, University of Rochester, 1986, is a professor of economics at the University of Pennsylvania. Lee E. Ohanian, Ph.D. Economics University of Rochester, 1993, is a professor of economics at UCLA.
The pair have noted that the New Deal strengthened unions and gave to them powers for striking that brought industry to its knees just at a time when the country needed as many new jobs as it could get to tug itself out of depression. Unfortunately, the power given unions caused the depression to last far longer than it needed to last.
Unions Contributed to Failure of FDR’s New Deal”