Where I agree with economist Richard Wolff whose an actual Democratic-Socialist. And he would tell you that and where we agree Is that the New Deal in many ways saved American Capitalism. Because it gave us a new way to look at Capitalism. Rather than saying everyone is on their own and have to do for themselves what they can. Good luck to you and all of that or try to do what Socialists and Communists. Wanted to do in the 1930s and 40s to begin with instead of the. New Deal which was to end American Capitalism and have the United States Government. Completely take over the American economy what the New Deal did was to say that Capitalism. And really no economic system is perfect and there such things as market failures. And people getting hurt in the economy like being out of work. And people without a large enough pension to support themselves when they retire and there are people. Who simply make bad decisions with their lives early on. Like not finishing high school and having kids before they are. Economically and personally able to raise them well and we need a system. To deal with the in perfections of the economy. So we don’t have people going without what they need to survive.
The New Deal in a way which is a fairly small-sized safety net compared with the welfare states in Europe. And even if you put the New Deal together with the Great Society from the 1960s it is still fairly small. Compared with the social insurance systems in Scandinavia to use as an example. The New Deal saved the economy by putting money in people’s wallets so Americans would have money to continue to live. And buy the products that we make in this country and that we buy and kept money. In people’s wallets but also kept money in banks and other private business’s. Keeping them afloat and not just saying hey. Banks and business’s fail and people get hurt as a result, that is the free market. For you and what the New Deal did instead was say that the free market doesn’t always work and besides as I’ve already. Blogged before it is not a free market but a private market and if you want to keep the economy growing. There needs to be a system there for when the market fails.
These are things that the Tea Party and economic-Libertarians do not seem to understand. The people in America who love the government shutdown because they can say look we stopped. Big government and lets see how our economy takes off with big government out-of-the-way. When the truth is the New Deal is a friend of big government and a lot of big business. Executives and owners understand this.