by Meg Sullivan • UCLA Newsroom
Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt.
After scrutinizing Roosevelt’s record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.
“Why the Great Depression lasted so long has always been a great mystery, and because we never really knew the reason, we have always worried whether we would have another 10- to 15-year economic slump,” said Ohanian, vice chair of UCLA’s Department of Economics. “We found that a relapse isn’t likely unless lawmakers gum up a recovery with ill-conceived stimulus policies.” Continue reading
by Kathrine Kersten
On Nov. 6, Americans will vote in an election whose importance rivals that of the election of 1912 — 100 years ago. That election, which put Woodrow Wilson in the White House, ushered in the progressive movement, of which President Obama is the heir and today’s leader.
Progressivism views the roles of citizen and state very differently than our founding fathers did. The founders anchored the Declaration of Independence and the Constitution in three principles. They believed that human rights to life, liberty and the pursuit of happiness are inherent in nature and human dignity, and preexist the state. They believed that government should be limited, and that its primary purpose is to protect these rights. Finally, they crafted our Constitution to disperse power and curb its abuse through mechanisms such as checks and balances, and federalism. Continue reading