Dead going on 60 years, FDR still makes self-styled champions of American-style capitalism fulminate, much the same way their counterparts in the 1930s raged against "That Man." Why? The New Deal era reminds national greatness Republicans like Wehner of their party's futility in a time of true national greatness. I also suspect that many Republicans are simply unable to forgive Roosevelt for what may have been his greatest and longest-lasting achievement: saving American capitalism through regulation. And since they can't tear down the Triborough Bridge or the Hoover Dam, these guys act out by going after Social Security.
The theory that new taxes and regulation would inevitably hamper economic growth and destroy America exerted a powerful hold on the minds of the business establishment and the economic right in the 1930s—just as it does today. FDR's proposals seemed to fly in the face of everything these experts knew about how the economy works. In particular, FDR upended the hallowed equation: taxes and regulation equals tyranny and depression.
For 70 years, conservatives have been telling us that the American economy—whether it's in recession or whether it's booming—is laboring under the shackles of the burdensome taxation and misguided regulation placed upon it by FDR and his successors. Somehow, stocks would do better if the SEC were weaker and we'd all be wealthier if seniors weren't guaranteed a minimum income, funded through payroll taxes. But America's economic mastery since 1945 has served as an ongoing and constant refutation of their most dearly held beliefs. It still does today. As George Melloan concedes, "The New Deal basically expanded the reach of government, and things worked out OK." Actually, they worked out great. Some people still can't get over it.
So they're trying to undo the social progress of the last 70 years because it's working? And they're sore about it? What're they gonna say after they wreck the joint - "Oops!"? No, they'll just blame the citizens for being too lazy to work since they won't be able to blame Democrats, for once. Belay my last, they'll find a way. These guys won't even sponsor bread lines -a Communist program if there ever was one- but maybe they'll show compassion and offer folks with no money a discount on "day-old". I know, I'm a hopeless optimist.
What's next? Overturn the Magna Carta?
Get over it, indeed.
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