The worst mistake of the New Deal was keeping wages and prices artificially high, thus suppressing employment and consumer demand. UCLA economists Harold L. Cole and Lee E. Ohanian calculate that FDR’s pro-labor policies kept both wages and unemployment 25 percent above what they would have been otherwise. (The old saw was that the Depression wasn’t so bad—if you had a job.) “Salaries and prices fall when unemployment is high,” Ohanian has explained. “By artificially inflating both, the New Deal policies short-circuited the market’s self-correcting forces.”
What you learned in school about FDR's New Deal is wrong according to Rich Lowry. Somebody needs to let Mr. Obama know this because he wants to implement a New New Deal.
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