That blunder – government policies mandating elevated wage rates during the Great Depression – priced millions of poor people out of work, condemning them to hunger, homelessness, and other miseries for the duration of the 1930s. By obsessively persisting in that blunder, the US and France were the only advanced economies that failed to recover during the decade.
FDR's Failed New Deal and Biden's Retread
Biden’s New Deal and his Hundred Days of green executive orders promise to be as much of a failure as their FDR original was during the Depression. We’ll show that, first, by providing a capsule history of FDR’s New Deal; second, by showing how a central feature of the Biden-Democratic Party program – a hike in the minimum wage to $15 an hour – replicates the most important blunder of the original New Deal.
That blunder – government policies mandating elevated wage rates during the Great Depression – priced millions of poor people out of work, condemning them to hunger, homelessness, and other miseries for the duration of the 1930s. By obsessively persisting in that blunder, the US and France were the only advanced economies that failed to recover during the decade.
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That blunder – government policies mandating elevated wage rates during the Great Depression – priced millions of poor people out of work, condemning them to hunger, homelessness, and other miseries for the duration of the 1930s. By obsessively persisting in that blunder, the US and France were the only advanced economies that failed to recover during the decade.
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