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The New New Deal: Relief, Recovery And Reform
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We have acted boldly, bravely, and above all, together. That is the chance our new beginning now offers us, and that is the challenge we must rise to in the days to come. It is time to act. As the next president of the United States, I will. A time to act. When faced with a seemingly even more momentous economic calamity, FDR acted, but he acted with purpose. And the purposes were those articulated by President-Elect Obama. The New Deal had three components: Relief was the immediate effort to help the one-third of the population that was hardest hit by the depression.

In the social security and unemployment insurance programs were added. These work relief programs have been praised by most economists in retrospect. Recovery was the effort in numerous programs to restore the economy to normal health. By most economic indicators this was achieved by except for unemployment, which remained stubbornly high until World War II began.

Reform was based on the assumption that the depression was caused by the inherent instability of the market and that government intervention was necessary to rationalize and stabilize the economy, and to balance the interests of farmers, business and labor.

Despite urgings by some New Dealers, there was no major anti-trust program. Roosevelt rejected the opporunity to take over banks and railroads. He did not support socialism in the sense of state ownership of factories , and only one major program, the Tennessee Valley Authority , involved government ownership of the means of production. To be sure, many New Deal programs were failures. But the failures were quickly discarded and something new was tried. Let us not confuse objectives with methods.

Too many so-called leaders of the Nation fail to see the forest because of the trees. Too many of them fail to recognize the vital necessity of planning for definite objectives. True leadership calls for the setting forth of the objectives and the rallying of public opinion in support of these objectives. Do not confuse objectives with methods. When the Nation becomes substantially united in favor of planning the broad objectives of civilization, then true leadership must unite thought behind definite methods.

The country needs and, unless I mistake its temper, the country demands bold, persistent experimentation. It is common sense to take a method and try it: If it fails, admit it frankly and try another.

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