Home Economy FDR Needed Two Global Crises to Reshape the Economy. Will Biden?

FDR Needed Two Global Crises to Reshape the Economy. Will Biden?

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But there’s one major difference between this Democratic revolt and the one against FDR. The latter came in the President’s second term, when the New Deal had already unleashed major transformations on the American economy, including Social Security, unemployment insurance, financial regulation, labor law and rural electrification. If Biden’s agenda is halted, it will be in his first term. A Covid relief bill and a bipartisan infrastructure package, while very welcome, will not yet add up to a major transformation of the economy.

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