New Deal Shattered the Austerity Myth

David Woolner, Senior Fellow at the Roosevelt Institute, recently took on the prevailing mantra of budget cutting in the midst of the Great Recession – as if we’d never learned anything from the New Deal’s break with conventional wisdom in the Great Depression of the 1930s.  As Woolner puts it:

“Roughly three-quarters of a century ago, a similar argument raged between Franklin Roosevelt, who firmly believed that it was right and proper for the government to intervene in the economy during a time of crisis, and those on the extreme right who insisted the way to end the Great Depression was to reduce the federal deficit and balance the budget, no matter what the short-term costs.

FDR had little time for such arguments, which he viewed as not only selfish, but un-American…”

Click here for the full article.   And click here to follow David Woolner’s blog.

Richard Walker is the director of the Living New Deal.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

New Deal Maps

Check out our latest map and guide to the work of the New Deal in Washington, D.C. It includes 500 New Deal sites in the District alone, highlighting 34 notable sites, and includes an inset map of the area around the National Mall which can be used for self-guided walking tours.

Take a look at our previous guides, equally comprehensive, covering key New Deal sites in San Francisco and New York City.