U.S. Economic Policy: From FDR to LBJ

None of the basic issues in economic policy have been resolved in the years during which the Democrats have governed; wage and price norms, the distribution of the tax burden, the level and direction of public expenditures, all remain controversial. Yet, the role of government in maintaining high levels of employment has virtually ceased to be questioned by those who otherwise would be in the best position to obstruct it. The obvious immediate reason is the success of fiscal policy. However, ...