Monday, February 22, 2010

How FDR's New Deal Harmed Millions of Poor People

DGJ sent me a link to an interesting article published on the Cato website.
Briefly is describes the effect of New Deal regionally and on the overall economy.
With the massive New Deal programs came taxes, these were used to redistribute income stable Democratic states to swing states where the money would have greater vote purchasing power.
Author Jim Powell says....
A whole generation of Southern's worshipped FDR, while he robbing their wallets.  We have similar promises today, grandiose promises of protection for the needy, while building a tool of taxation that by application hurts those that need the help the most.  Our government should not be stealing from the poor, in the name of saving the poor, for the sake of buying votes.
The largest share of New Deal spending and loan programs went to political "swing" states in the West and East - where incomes were at least 60% higher than in the South.
Link to article:  http://www.cato.org/pub_display.php?pub_id=3357

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