Investors.com - The Ghosts Of '38: discussing the impact of the New Deal agenda on the actual Depression, the author makes three points:
- Amity Schlaes in The Forgotten Man demonstrates FDR's own version of "trickle-down" economics centered on giving union workers higher wages to stimulate consumer spending, which did not work.
- Recent scholarship, led by Cole and Ohanian strongly suggests the New Deal actually prolonged the Depression; and
- The Mackinac Center for Public Policy argues that the Fed's actions made the Depression worse, not better, particularly in regard to the "depression-within-the-Depression" of 1937-38.
I discuss every single one of these points in my New Deal lectures. Man I'm good!!!