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What it argues for today is really bold action -- a large stimulus program of the kind we're getting, maybe even more.
We talked to two New Deal historians who represent opposing sides of this debate. The chronic high unemployment is what concerns everybody. Was it radical to triple the tax burden, which is what FDR did between 19?
Adam Cohen is the author of "Nothing to Fear: FDR's Inner Circle and the Hundred Days That Created Modern America." Jim Powell is the author "FDR's Folly: How Roosevelt and His New Deal Prolonged the Great Depression." Their remarks were edited for brevity. FDR might have lifted people's spirits, but he never could figure out how to promote the recovery of private-sector employment. Was it radical to destroy food and make three-quarters of the American population pay higher prices for food -- in the country's worst depression?
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You do that, you save the people at the bottom who are the most liable of becoming destitute, but you also pump the economy.
If their assumption holds true, then this leads to the following conclusion: the benefits of the New Deal outweigh its cost.
This means making it easier for employers to hire people -- removing obstacles that misguided government policies have been put in the way of forming new businesses, expanding existing businesses and hiring people.
Taxes and labor market restrictions are among the many obstacles that need to be reviewed and reduced if not eliminated altogether.