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February 1, 2021

The Forgotten Man

Amity Shlaes

As our country currently deals with the deflationary impact of the pandemic, this book explores how the country dealt with the last deflationary shock – the Great Depression. The author reviews the usual suspects, including the tariffs, the taxes, and the misguided Federal Reserve as contributors to the epic collapse, but she also investigates new ground. Many today urge the federal government to enact more forceful fiscal policies to deal with the shock and even experiment with modern monetary theory, which argues that deficits don’t matter. This book would advise caution as it was exactly these types of New Deal programs that resulted in business confusion and inaction, which prolonged the economic suffering. The original Forgotten Man was not FDR’s poor man, old man or labor group, etc., but, rather, the ‘victim of the reformer, social speculator…’

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