The commitments are made. With the investment plan presented on March 31 by Joe Biden, America will invest heavily in infrastructure. Seen from Europe, it is tempting to make the link with the New Deal. This series of programs undertaken by Franklin Delano Roosevelt between 1933 and 1939 is generally presented in a very laudatory manner in view of its real effects. As Alfred Sauvy correctly predicted in From rumor to history, the New Deal is a curious episode in contemporary history “where legend, the daughter of rumor and good thought, has played the most important role and will continue to crystallize”.
Let us first underline that Biden’s approach is much less revolutionary than that of Roosevelt. The latter ruled at a time when public spending was much less significant.