The article discusses the widely held belief that Franklin D. Roosevelt's New Deal helped the economy recover during the Great Depression. It argues that these claims are myths and highlights that the New Deal may have actually hindered economic recovery.
1. Myths and Fallacies: The notion that Roosevelt's New Deal led to economic recovery is a persistent myth, alongside beliefs about capitalism and World War II's effect on the economy.
2. Economic Evidence: Analysis of unemployment rates, GNP, personal consumption, and private investment shows that the New Deal did not achieve recovery and may have worsened the economic situation.
3. Shift to "Hope": When evidence contradicts the effectiveness of the New Deal, supporters often shift their argument to claim that it brought "hope" to Americans instead of economic recovery.
4. Question of Hope: The article critiques the idea that "hope" can replace tangible economic goals. It likens this to a medical treatment that fails while claiming to offer hope.
5. Historical Criticism: Critics like John T. Flynn and Stephen Moore have noted that the New Deal did not end the Great Depression. They argue that it caused more suffering and failed to create a sound economic recovery plan.
6. Changing Narratives: Even those who oppose the New Deal sometimes use the "hope" argument to defend government intervention, illustrating its widespread acceptance in political discussion.
The article concludes that while the New Deal may have been designed to provide help during a difficult time, it ultimately failed to deliver economic recovery and instead provided false hope. The ongoing acceptance of the "hope" narrative, despite contradicting data, highlights the persistence of historical myths in public discourse.
https://mises.org/mises-wire/no-fdr-did-not-give-people-hope
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