This One Figure Shows How the New Deal Made the Great Depression Worse (updated)

Source: Barry Eichengreen, "The Origins and Nature of the Great Slump Revisited" So U.S. real wages rose more or less throughout the Great Depression. During the Hoover years, you can write this phenomenon off as sticky wages plus the Federal Reserve's disastrous policy of deflation, plus some of Hoover's jawboning of executives to get them …