Blacks harmed by FDR’s New Deal

by on December 3rd, 2003

Jim Powell, author of “FDR’s Folly: How Roosevelt and His New Deal Prolonged the Great Depression,” says FDR’s New Deal harmed blacks.

The flagship of the New Deal was the National Industrial Recovery Act, passed in June 1933. It authorized the president to issue executive orders establishing some 700 industrial cartels, which restricted output and forced wages and prices above market levels. The minimum wage regulations made it illegal for employers to hire people who weren’t worth the minimum because they lacked skills. As a result, some 500,000 blacks, particularly in the South, were estimated to have lost their jobs.

It’s yet one more reason Reagan should replace FDR on the dime. Be sure to read the rest, too.

Etalkinghead Staff