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· 25 min read

THE RECOVERY of the American economy from the Great Depression finally began in the late summer of 1935. As the months passed the pace of recovery seemed to quicken, and more and more Americans began to hope that their country was returning to a more normal state. Although the Supreme Court had dealt a severe blow to the hopes of administration planners, other advisers were urging Roosevelt to change his tactics to break up big business and the concentration of wealth. As the president listened more closely to these advisers, a second New Deal took shape. By the beginning of 1937 there was a growing sense of optimism in the administration that the corner had been turned. All the indexes showed that the recovery was strengthening. Stock prices were finally rising, and unemployment appeared to be falling. With additional tax revenues from the new taxes that had been enacted and from the rising level of business activity, Roosevelt contemplated spending reductions in order to balance the federal budget. The world, indeed, seemed almost rosy at the start of 1937. In response to the Schecter decision, Roosevelt reduced the NRA to a minor bureau to collect statistics. He expected business activity to decline with the cessation of the NRA and for business then to call for a new NRA. What happened was the opposite. By August it was clear that business activity was increasing, not slowing, and it continued to rise and unemployment to fall until May 1937. The long-awaited recovery was finally occurring without the benefit of the NRA.

Released from the shackles of the NRA, American producers and consumers combined to initiate a real recovery. Between August 1935 and May 1937 factory employment…

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