A COSTLY BLUNDER
MANY business advantages will accrue to the American people from the Supreme Court decision invalidating the NRA.
In spite of frenzied administration propaganda to the contrary, recent disinterested nonpartisan statistical surveys show how the meddlesome NRA RETARDED RECOVERY IN THE UNITED STATES.
The Brookings Institution and the National Bureau of Economic Research have published their conclusions that the NRA definitely interfered with the revival of production.
Furthermore Colonel Leonard P. Ayers, of Cleveland, has shown that in the two years of the NRA codes American industry has made almost THE WORST RECORD among the nations of the world so far as recovery is concerned.
Colonel Ayres has shown that only France had made a less satisfactory record.
Other principal countries in the same period showed INCREASES in industrial production RUNNING UP TO 41 PER CENT, while under the NRA the United States actually revealed A DECLINE OF 9 PER CENT.
The Cleveland economist makes the subjoined vigorous and true indictment of the futile and disturbing major new deal experiment, from which the country has at length been saved by the Supreme Court.
Image from FDR and the Supreme Court
“The first and safest conclusion is that conditions will probably improve after the necessary readjustments to the changed conditions of conducting business have been worked out. It seems quite improbable that the trend of industrial production in this country can continue to decline during the next two years at the rate at which it has declined during the past two years. The natural forces of recovery are operating vigorously in the rest of the world, and they are bound to have at least some effect here unless we erect too many new barriers that restrain them.”
What a blow to the prestige of self-inflated politicians!
Their record is largely one of hampering, rather than facilitating the revival of prosperity.
Perhaps new dealers need anew the advice which Bentham, the British economist, published more than a century ago.
“The request which agriculture, manufacturers, and commerce present to government,” wrote Bentham, “is modest and reasonable as that which Diogenes made to Alexander: ‘Stand out of my sunshine! We have no need of favor. We require only a secure and open path.”
Rochester Evening Journal (Rochester, New York) Jun 18, 1935