A prime theorem of many New Deal ideologists is that the U. S. economy is mature, past its years of automatic growth. According to this view, frontiers can no longer be depended on to absorb the country's excess capital—the only way to keep the economy going is by heavy taxes on savings and surpluses, to recirculate wealth through a widening program of Federal works. Leader of this school of thought (called the "deficiency school" because it thinks the private outlets for new investment are deficient) is Economist Alvin Hansen of Harvard.
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