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New Deal or Raw Deal?: How FDR's Economic Legacy Has Damaged America [Kindle Edition]

Burton W. Folsom Jr.
4.4 out of 5 stars  See all reviews (225 customer reviews)

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Book Description

A sharply critical new look at Franklin D. Roosevelt's presidency reveals government policies that hindered economic recovery from the Great Depression -- and are still hurting America today.

In this shocking and groundbreaking new book, economic historian Burton W. Folsom exposes the idyllic legend of Franklin D. Roosevelt as a myth of epic proportions. With questionable moral character and a vendetta against the business elite, Roosevelt created New Deal programs marked by inconsistent planning, wasteful spending, and opportunity for political gain -- ultimately elevating public opinion of his administration but falling flat in achieving the economic revitalization that America so desperately needed from the Great Depression. Folsom takes a critical, revisionist look at Roosevelt's presidency, his economic policies, and his personal life.

Elected in 1932 on a buoyant tide of promises to balance the increasingly uncontrollable national budget and reduce the catastrophic unemployment rate, the charismatic thirty-second president not only neglected to pursue those goals, he made dramatic changes to federal programming that directly contradicted his campaign promises. Price fixing, court packing, regressive taxes, and patronism were all hidden inside the alphabet soup of his popular New Deal, putting a financial strain on the already suffering lower classes and discouraging the upper classes from taking business risks that potentially could have jostled national cash flow from dormancy. Many government programs that are widely used today have their seeds in the New Deal. Farm subsidies, minimum wage, and welfare, among others, all stifle economic growth -- encouraging decreased productivity and exacerbating unemployment.

Roosevelt's imperious approach to the presidency changed American politics forever, and as he manipulated public opinion, American citizens became unwitting accomplices to the stilted economic growth of the 1930s. More than sixty years after FDR died in office, we still struggle with the damaging repercussions of his legacy.


Editorial Reviews

Review

"History books and politicians in both parties sing the praises for Franklin Delano Roosevelt's presidency and its measures to get America out of the Great Depression. What goes unappreciated is the fact that many of those measures exacerbated and extended the economic downturn of the 1930s. New Deal or Raw Deal? is a careful documentation and analysis of those measures that allows us to reach only one conclusion: While President Roosevelt was a great man in some respects, his economic policy was a disaster. What's worse is that public ignorance of those policy failures has lent support for similar policies in later years. Professor Burt Folsom has produced a highly readable book and has done a yeoman's job in exposing the New Deal." -- Walter E. Williams, John M. Olin Distinguished Professor of Economics, George Mason University

About the Author

Burton W. Folsom, Jr. is a professor of history at Hillsdale College in Michigan. He is a regular columnist for The Freeman and has written several books, among them The Myth of the Robber Barons, as well as articles for The Wall Street Journal, American Spectator, Policy Review and Human Events. He is a former senior fellow at the Mackinac Centery for Public Policy and associate at the Free Enterprise Institute. He has appeared on television frequently, including Glenn Beck and other FOX shows. He lives in Hillsdale, Michigan. Anita Folsom has pursued a career in both politics and the teaching of history. She attended Mississippi State University for Women and completed two degrees at Murray State University in history. She has assisted with the editing of Burton Folsom's first book and several of his later manuscripts on economic history. Anita served as county chairman for the Reagan/Mitch McConnell campaigns in 1984, and she worked for U. S. Senator Mitch McConnell for two years after he was elected. Her publications include a book review of William Manchester’s The Last Lion: Winston Spencer Churchill: Alone, 1932-1940 in Continuity and a biography of Andrew Mellon for the Encyclopedia of the American President. She currently blogs at BurtFolsom.com. She and her husband have one son, Adam.

Product Details

  • File Size: 508 KB
  • Print Length: 336 pages
  • Publisher: Threshold Editions (November 4, 2008)
  • Sold by: Simon and Schuster Digital Sales Inc
  • Language: English
  • ASIN: B001KHLT8O
  • Text-to-Speech: Enabled
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  • Word Wise: Enabled
  • Lending: Not Enabled
  • Amazon Best Sellers Rank: #122,153 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Most Helpful Customer Reviews
270 of 319 people found the following review helpful
5.0 out of 5 stars Definitely a Raw Deal December 7, 2008
By Doug
Format:Hardcover
Burton Folsom's New Deal or Raw Deal? is a timely, informative and captivating read on the destructive economic policies on the Franklin Delano Roosevelt Administration. This book is a valuable addition to the growing number of books on how government intervention, not free markets, plunged the United States deep into the Great Depression.

Folsom corrects many common misconceptions about the New Deal and the Great Depression in this book. The first misconception is that President Hoover was a principled advocate of laissez-faire capitalism. In fact, Folsom argues, Hoover was a big government Republican. Consider the Smoot-Hawley Act, which imposed unprecedented tariffs on thousands of imported items. Not only did this drastically increase the prices of U.S. imports (hurting U.S. consumers), but it also encouraged European nations to impose retaliatory tariffs on U.S. exports (hurting U.S. producers.) Furthermore, Hoover responded to the early onset of the Great Depression with disastrous economic regulations. He endorsed the Federal Farm Board, which issued over $500 million in cotton and wheat subsidies only to have the massive surpluses dumped on an oversaturated world market. Hoover also supposed the Reconstruction Finance Corporation, which spent over $1.5 billion on bailouts to failing banks and industries.

Another major point of Folsom's book is that many of FDR's programs were struck down as unconstitutional. These include the National Industrial Recovery Act (NIRA) and the Agricultural Adjustment Act (AAA). The NIRA imposed economy-wide price controls and production regulations on domestic manufacturing. The AAA was similar in spirit, except it focused on price and production controls on agriculture.
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211 of 250 people found the following review helpful
5.0 out of 5 stars Should be Mandatory Reading for Every Citizen! January 24, 2009
Format:Hardcover
I'll confess to not being a fan of big government so I was prepared to be receptive to a harsh assessment of the New Deal. However, I was not prepared for the scathing indictment armed with facts, logic, primary source quotes and data that constitute this powerful book.

The book is hard to put down even as you recoil in horror at the lunatic economic policies of the era and the blatant turn to fascism. If you tried to design a program to extend the Great Depression indefinitely, you could have done little better than FDR did. The economic incompetence and unintended consequences which are detailed in all their frightening glory is mind boggling, but it is only part of the story.

The book also demonstrates the endemic political patronage and vote buying that resulted from the concentration of money and power in the hands of the federal government. State and local politicians who supported Roosevelt were rewarded with a cascade of federal dollars, those who opposed him were frozen out and inevitably lost subsequent elections.

Citizens who opposed FDR were set upon by the IRS or the NRA. The use of government power to persecute and intimidate dissension is chilling. There are several quotes or diary entries from even Roosevelt's supporters and cabinet members that point out both the insanity of the policies and the dangers of FDR's abuse of power.

With our government setting out on what's been called the "New New Deal", this book should be required reading for every citizen so they can understand both the failure of the New Deal as an economic cure and the abuse of power and vote buying that the huge transfer of money and independence from the private sector to the public sector caused and will undoubtedly cause again.
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104 of 133 people found the following review helpful
5.0 out of 5 stars Please, no more new deals November 15, 2008
Format:Hardcover
Folsom has delivered a book that is tough to put down. While flying to a conference the other day, I was reading New Deal or Raw Deal and telling my friend (who was reading another book) how great Folsom's book is and talking about some key points brought up by Dr. Folsom. I left my seat for a moment; when I returned, my friend was reading Folsom's book, and I had a hard time getting it back.

Roosevelt helped create major rifts between those who were wealthy and those who were poor and middle class. He even indicated he did that to win the election rather than pursue what was best for the country. He tried to stack the Supreme Court and used the IRS to harass his major critics.

I've had to remind myself repeatedly that this is not a fictional work and that it is about a president in the USA rather than a dictator in some distant country. For example, the New Deal's birth of the National Industrial Recovery Act of 1933 was bizarre. "It allowed American industrialists to collaborate to set the prices of their products and even the wages and hours that went into making them. Leaders in all industries, from steel and coal to shoulder pads and dog food, were invited to sit down and write codes of fair competition that would be binding on all producers in their industry. Laborers were often allowed to organize, and anti-trust laws were suspended." (pp. 43-44) The result was that many big companies could easily take business from smaller companies because the larger companies controlled the price fixing. An example Folsom uses is Jacob Maged of Jersey City, NJ. After 22 years of running a successful small business pressing clothes, Maged's reputation was one of quality work at a reasonable cost. The NRA then demanded that he charge 40 cents to press a suit instead of 35 cents.
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Most Recent Customer Reviews
3.0 out of 5 stars The untold stories of the Great Depression and the New Deal.
Very Informative historical account of President Roosevelt and his new deal policies. They don't teach this in schools, but they should. Read more
Published 15 days ago by carl
5.0 out of 5 stars True History
An excellent readable accounting of the Roosevelt years setting the record straight about this man's character, failures and what should be his true legacy.
Published 28 days ago by David Foor
5.0 out of 5 stars Awesome book. Details the 2nd wave of scummy progressives
Awesome book. Details the 2nd wave of scummy progressives. FDR was the worst, well, 2nd worst, well, he's tied for the worst with WW and BHO and TR and Clinton. Read more
Published 1 month ago by APK
5.0 out of 5 stars Five Stars
Just what I was looking for and expected.
Published 1 month ago by Paul Johnson
5.0 out of 5 stars I look at the dime at lot differently after reading
I thoroughly enjoyed the detailed and good research. I found too many parallels to the present day (2014) that were at times very troubling. Read more
Published 2 months ago by Greg Brown
2.0 out of 5 stars No deal
Let's not try such a deal again.
Published 2 months ago by Arthur
4.0 out of 5 stars Four Stars
Eye opening, I wish more people would read
Published 4 months ago by Leonard A. Reneau
5.0 out of 5 stars FDR was no savior
More people should read this book. It would help to dispel the cult of personality surrounding FDR as well as point out the mess government makes when it tries to "fix"... Read more
Published 4 months ago by Michael E. Murray
5.0 out of 5 stars "NEW DEAL or RAW DEAL", by Dr. Burt Folsom, is a GREAT BOOK!
If you are one of the millions that have been brainwashed into believing that FDR was one of our BEST presidents, then you need to read this well-written and extensively researched... Read more
Published 5 months ago by Kent Purdy
4.0 out of 5 stars FDR, Obama no difference
This book tells me that ths is where Obama is getting his game plan from.
Published 5 months ago by Douglas McAleer
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More About the Author

Burton W. Folsom is a professor of history at Hillsdale College in Michigan and senior historian at the Foundation for Economic Education in Irvington, New York. He is a regular columnist for The Freeman and has written articles for The Wall Street Journal and American Spectator, among other publications. He lives in Michigan.

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