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Milton Friedman wrote (with Anna Schwartz) an essay on the Depression in the 1960s that they entitled âThe Great Contraction.â They placed much of the blame for this contraction on the flawed monetary policies of the Fed. But the more important failure of the New Deal was what it did not do.The only way to break the economic deadlock that had paralyzed the American economy in the 1930s was to shock it back to life by enormously expanding economic activityâquickly and decisively.ilton Friedman wrote (with Anna Schwartz) an essay on the Depression in the 1960s that they entitled âThe Great Contraction.â They placed much of the blame for this contraction on the flawed monetary policies of the Fed. But the more important failure of the New Deal was what it did not do.
And with the Supreme Court scheduled to rule on challenges to the Wagner Act, the Tennessee Valley Authority, and the Social Security Act, FDR knew the New Deal was in danger.By early 1936 it seemed as if public opinion might have swayed the Court in Roosevelt's direction.ut by 1936, the New Deal had begun to falter. Conservative businessmen, who found themselves heavily taxed and regulated by the new legislation, pushed a string of challenges to Roosevelt's programs through the courts. On January 6, the Supreme Court made a ruling that struck at the very heart of Roosevelt's reforms.