" In autumn 1937, the New York Times delivered its analysis of the economy’s downturn: “The cause is attributed by some to taxation and alleged federal curbs on industry; by others, to the demoralization of production caused by strikes.” Both the taxes and the strikes were the result of Roosevelt policy; the strikes had been made possible by the Wagner Act the year before. As scholars have long noted, the high wages generated by New Deal legislation helped those workers who earned them. But the inflexibility of those wages also prevented companies from hiring additional workers. Hence the persistent shortage of jobs in the latter part of the 1930s. "

― Amity Shlaes , The Forgotten Man: A New History of the Great Depression