So, on the Debtpocalypse Threat scale, with one being "don't worry about a Debtpocalypse" and 10 being "run down to the Stop-and-Shop and grab a loose grocery cart because you're going to need it," how worried should we be? Negative five, that's how worried.
After scrutinizing Roosevelt's record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.
The economy was poised for a beautiful recovery, but that recovery was stalled by these misguided policies.
By adjusting for annual increases in productivity, they were able to use the benchmark to figure out what prices and wages would have been during every year of the Depression had Roosevelt's policies not gone into effect.
They then compared those figures with actual prices and wages as reflected in the Conference Board data. In the three years following the implementation of Roosevelt's policies, wages in 11 key industries averaged 25 percent higher than they otherwise would have done, the economists calculate.
But unemployment was also 25 percent higher than it should have been, given gains in productivity. Meanwhile, prices across 19 industries averaged 23 percent above where they should have been, given the state of the economy.
With goods and services that much harder for consumers to afford, demand stalled and the gross national product floundered at 27 percent below where it otherwise might have been.
By artificially inflating both, the New Deal policies short-circuited the market's self-correcting forces. Because protection from antitrust prosecution all but ensured higher prices for goods and services, a wide range of industries took the bait, Cole and Ohanian found.
By more than industries, which accounted for nearly 80 percent of private, non-agricultural employment, had entered into the collective bargaining agreements called for under NIRA.
Without the policies, they contend that the Depression would have ended in instead of the year when they believe the slump actually ended: Roosevelt's role in lifting the nation out of the Great Depression has been so revered that Time magazine readers cited it in when naming him the 20th century's second-most influential figure.
Ohanian and Cole painstakingly documented the extent to which the Roosevelt administration looked the other way as industries once protected by NIRA continued to engage in price-fixing practices for four more years.
The number of antitrust cases brought by the Department of Justice fell from an average of Collusion had become so widespread that one Department of Interior official complained of receiving identical bids from a protected industry steel on different occasions between mid and mid The bids were not only identical but also 50 percent higher than foreign steel prices.
Without competition, wholesale prices remained inflated, averaging 14 percent higher than they would have been without the troublesome practices, the UCLA economists calculate. As union membership doubled, so did labor's bargaining power, rising from 14 million strike days in to about 28 million in By wages in protected industries remained 24 percent to 33 percent above where they should have been, based on figures, Cole and Ohanian calculate.
By the U. By comparison, in Maythe unemployment rate of 6. Recovery came only after the Department of Justice dramatically stepped up enforcement of antitrust cases nearly four-fold and organized labor suffered a string of setbacks, the economists found.Now The End Begins is a Christian end times news publisher featuring Conservative news of the day and rightly divided Bible study articles, audio and video.
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The Great Recession is more than four years old―and counting. YetReviews: