Abstract

Editorials

The article focuses on the political and financial conditions of the U.S. In his first hundred days, U.S. President Franklin Delano Roosevelt saved the banking system, started putting millions of people back to work, rescued many farmers and homeowners from foreclosure, initiated crucial regulations on the securities market, enacted crop price supports, established the Public Works Administration and began the process that led to the national minimum wage. By contrast, what the present Congress has set out to do is to speed the race to the bottom by pitting states and municipalities more nakedly against one another in competition for corporate investment and by eliminating entitlements that had the effect of stabilizing the excesses of the boom-bust business cycle.