New Deal or Raw Deal? By: Guest Authors By Richard Geno Last
week, I had the opportunity to hear Burton Folsom speak to a
group of more than 300 college students at San Jose State
University. In addition to presenting a strong case that the
programs of Franklin Roosevelt provided a “raw deal,” he proved
to be an enthusiastic and inspiring speaker. Based on the many
questions asked after his presentation, it was apparent that by
the end of the event that most students were convinced that
FDR’s economic legacy left a damaged America. He started his
economic journey in 1920 when the country elected Warren Harding
as president as we were dealing with a 12% unemployment rate.
President Harding started to initiate a program of cutting tax
rates and cutting federal spending. President Harding met with
an untimely death just two years into his term. Vice-president
Calvin Coolidge became President, and continued the policies
started by Warren Harding. What followed was the Roaring 20′s,
and arguably the best of econom