A note to the Pain Caucuses of both parties:
And yet, despite the clarity, consistency, and success of Roosevelt’s policies, politicians and economists today are more like to sound like Roosevelt’s critics than like the president himself: fearful first and foremost of inflation; confident that the unemployed and indebted masses are suffering only what they deserve; persuaded that nobody ought to criticize business leaders too strongly, lest the country suffer a loss of confidence; heedless of the moral and social consequences should we continue to demonstrate that our politics are unresponsive to widespread hardship.
It has proven possible to disregard the lessons of Roosevelt’s policies for at least two reasons. First, decades of histories have emphasized his luck rather than his ability…
Second, we have forgotten how, or even that, Roosevelt’s policies actually worked.