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- Despite common perception that the New Deal ended the Great Depression, it did not, economics professors Harold Cole and Lee Ohanian say. In fact, it prolonged it. Something the Obama administration must bear in mind: policies that decrease competition are dangerous.
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This news story has 2 comments:
Look at plots of GDP, total employment, and stock market from 1928-1940. From 1928 to 1932, Hoover is down, down, down. By contrast, the FDR administration's growth rate in all three categories is unmatched by any post-war president. The only down year is 1938, when FDR cancelled many New Deal programs. New programs were re-instated in 1239 and growth resumed.
Yet the some nutjobs on the right insist this is failure. It's like arguing with Creationists. Impervious to real data.