He was Too Tough on Businesses
(Collier’s Magazine, 1938)
President Franklin Delano Roosevelt was well-known for cracking wise about the members of the American business community, such as stock brokers, speculators, company functionaries and the leading corporate executives during the Great Depression – believing that there actually could be an economy worth saving if they didn’t exist. Throughout the Thirties the New Deal launched numerous tax laws and assorted other pieces of legislation that served only to stymy competition, raise prices and slow all economic growth. The editors of COLLIER’S MAGAZINE published this spirited and rational defense of corporate America in 1938 and it is attached herein:
American business, whatever its limitations, has produced a better living for more people than any other system of production… The American big-business system has fed people better and more generously. It has provided more convenient and more wholesome shelter. It has distributed vastly more of the mechanical aids to civilized living.
Click here to read about FDR’s tax plan from 1935.
