Authored by Daniel Lacalle,
No, it is not a New Deal, and it should not be.
When FDR launched the New Deal the size of government, public spending and debt were nowhere close to today’s elevated levels.
At the height of the New Deal, federal spending never went above the 1934 level of 10.7%. Even considering the extraordinary cost of the Second World War period, public sending went from a maximum of 43.6% down to 11.6% by 1948.
Not just that. The public sector had very little debt, a...
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