Since I don't think we are going to have time to delve into this issue to the depth that I had hoped, here are links to two articles regarding the issue:
http://newsroom.ucla.edu/portal/ucla/FDR-s-Policies-Prolonged-Depression-5409.aspx?RelNum=5409
http://www.openleft.com/showDiary.do;jsessionid=B630965F5DA4E3281307EB1D4474B32D?diaryId=10644
The first is from UCLA summarizing the journal article published by two of their economists claiming that FDR's economic policies prolonged the Depression by 7 years. The second article is one of the many criticisms of the article that I found. It does not do a point-by-point criticism, but it analyzes GDP projections used by the UCLA economists.
You do not have to read past the URL to realize that the second article is from a leftist website. I hope if you read it, though, you do not disregard it on that basis alone.
There is another method some have used to criticize FDR's New Deal and its effect on the economy - the comparison of the US recovery vs. the recovery in other countries. We talked briefly about this in class. England did recover more quickly, but they did so through a dole (payments directly to people without any work requirements). A dole is definitely a way to get cash flowing in the economy, but it is unlikely Americans would have liked it. It was also against FDR's nature to give people something for nothing.
Analysis of FDR's reaction to the Depression informs the discussion about our current president's economic policies during our economic downturn. Since historians and politicians cannot agree on the efficacy of FDR's approach, it is clear why they cannot agree on the best approach now.
Saturday, May 2, 2009
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