This statement set the tone for the “scarcity economics” approach of the First New Deal during 1933 and 1934

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This statement set the tone for the “scarcity economics” approach of the First New Deal during 1933 and 1934

Roosevelt and his team would later repudiate the pessimistic assumptions of the Commonwealth Club speech and opt instead for economic growth. It did not take long for both generations of the family to start warning darkly about the wrong direction in which FDR was leading the country. For them, administration, redistribution, bigger government agencies, and planning were all anathema.

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