OPINION - COMMENTARY
Bidenomics May Repeat FDR’s Blunder
Democrats propose new taxes similar to those that plunged America back into depression in 1937.
Journal Editorial Report: The week's best and worst from Kim Strassel, Kyle Peterson and Dan Henninger. Images: Reuters/AFP/Getty Images Composite: Mark Kelly
By Jay Starkman
Sept. 28, 2020 6:53 pm ET
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Liberals hope Joe Biden will be another FDR. But that’s something to fear, as Mr. Biden’s tax proposals threaten to repeat Franklin D. Roosevelt’s big mistake, which many historians blame for plunging a recovering economy back into depression.
Roosevelt proposed a wealth tax in 1935, expanded it in 1936, and gave it real teeth in 1937. The federal government needed to repel the attack on the foundations of society by “economic royalists,” he argued. John Nance Garner, his vice president, agreed. As a congressman Garner had...
READ MORE: https://www.wsj.com/articles/bidenomics-may-repeat-fdrs-blunder-11601333614?mod=hp_opin_pos_1
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