That the New Deal had virtually nothing to do with modern Keynesian
theories of countercyclical demand management is crucial to understanding the nation’s present economic deformations. Contrary to the claims of
unreconstructed Keynesians like Professor Krugman, the giant programs
of fiscal stimulus and money printing after the September 2008 crisis had
no trial run or validation during the Great Depression. They are based on a
false narrative from beginning to end; that is, about why the depression
happened and what the New Deal actually did.
In truth, the New Deal was a Chinese menu with little rhyme or reason.
It included quasi-fascist schemes to regiment industries and agriculture;
public works and regional pork barrel spending to reward the New Deal
coalition; price support and production control schemes to levitate farm
prices; work relief and social programs to relieve the immense destitution
and suffering among the unemployed; and endless special interest legislation sought by unions, the housing industry, and other organized lobbies.
Some of these programs provided humanitarian relief and a safety net.
Most either retarded recovery or were abandoned before they could do
much harm. And a few—like the industrial union legislation, universal
social insurance, Fannie Mae, bank deposit insurance, and farm price
supports—lived on to cast a heavy and debilitating shadow over the distant
future.
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