New Deal - failure or success?

[Dream Theater]

There is a claim circulating that the New Deal prolonged the Great Depression where simply letting things be would have brought up a quicker solution. This claim rests solely on the fact by '37 only one thing didn't return to '29 highs was the level of unemployment, but if we look at a past example - the Panic of '93, unemployment was at its worse 14-18%, and it took seven years to recover to the normal 4-6% range.

[Booko]

I think if you ask the elderly now to compare what their parents had when they were 65, they would say it was a success. ;)

[wh44]

Definitely success.

[revtroy]

It was a much needed success, but wasn't without its issues. Without the New Deal the human toll would have been even more staggering.

I hate it when people talk about "the market" or "the economy" as if people aren't involved. The unemployment rate is a measure of human suffering in the US. We don't help the unemployed even in dire economic times. Nowadays, they may get their taxable unemployment insurance payments for a few months, but that's it.

[Eudaimonist]

There is a claim circulating that the New Deal prolonged the Great Depression where simply letting things be would have brought up a quicker solution. This claim rests solely on the fact by '37 only one thing didn't return to '29 highs was the level of unemployment, but if we look at a past example - the Panic of '93, unemployment was at its worse 14-18%, and it took seven years to recover to the normal 4-6% range.


I agree that the New Deal was a massive failure, and only prolonged the Great Depression.

And we will probably have a New New Deal soon. I don't look forward to this.


eudaimonia,

Mark

[Hallie]

Successful failure. Didn't do much to help the economy, but boosting morale is essential, and it did do just that.

[peepnklown]

The New Deal was a complete failure.
I would read FDR’s Folly by Jim Powell.

[Dream Theater]

I might pick it up one day, but after briefly skimming over the author's bio, it looks like he's an anti-labor activist.

[peepnklown]

You can pick it up used for $9.

[Hallie]

Peep is the undisputed King of the Libertarians, DT. :)

[Dream Theater]

Ah. We'll have much to disagree on, then. :)

[peepnklown]

We'll have much to disagree on, then.
I think we agree on prostitution.

[Jayhawker Soule]

Peep is the undisputed King of the Libertarians, DT.A deservedly paltry domain. Long live the King ...

[peepnklown]

A deservedly paltry domain.
I am a supporter of liberty but, it seems liberty is an unpopular view these days.

[Dream Theater]

There is no uniformed consensus on what constitutes liberty. For example, I'm classified as a libertarian socialist, but you wouldn't see me vote for Ron Paul - ever.

[Booko]

Peep is the undisputed King of the Libertarians, DT.A deservedly paltry domain. Long live the King ...

Ah, but there is more to libertarian views than is represented by the Libertarian Party in this country.

Chomsky is very much a libertarian, but I can't quite see him and Peep seeing eye to eye.

[peepnklown]

No party can represent everyone.
No candidate can represent everyone.
I used to like Chomsky up till recently.