Lessons from FDR

politics
history
usa
FDR was among the most polarizing figures of his time
Published

April 10, 2025

FDR surrounded by angry business titans in a staged 1930s press photo

Introduction

Franklin D. Roosevelt (FDR) was a transformative figure in American history, leading the nation through the Great Depression and World War II. His New Deal policies aimed to provide relief for the unemployed, recovery of the economy, and reform of the financial system. However, FDR was also a polarizing figure, facing significant opposition from various sectors, particularly from business leaders and conservative politicians.

The Business Response to the New Deal

In the late 1930s, Fortune magazine partnered with pollster Elmo Roper to conduct one of the first systematic efforts to understand the political opinions of America’s business elite. The surveys revealed a sharp divide between the views of corporate leaders and the general public regarding FDR and the New Deal.

Fortune-Roper Executive Surveys

The October 1939 issue of Fortune published results of a wide-ranging poll titled “What Business Thinks.” Its findings were unequivocal:

  • Social Security Act (1935):
    • Only 24% of executives supported keeping it unchanged.
    • 58% wanted modifications.
    • 17% supported repeal.
    • Among large industrialists, 93% wanted changes but none wanted full repeal1.
  • Wagner Act (1935) (supporting labor union rights):
    • Just 10% supported keeping it as is.
    • 42% favored modification.
    • 41% wanted repeal2.
  • Wages and Hours Law (1938) (federal minimum wage and 40-hour workweek):
    • 30% supported retaining.
    • 47% wanted changes.
    • 21% wanted repeal3.

While programs like FDIC deposit insurance and the Civilian Conservation Corps (CCC) enjoyed broader support from executives, the core redistributive and regulatory elements of the New Deal were viewed with suspicion.

“Businessmen don’t like Franklin Roosevelt,” Fortune reported bluntly4.

Public Opinion on the New Deal

The general public, by contrast, strongly supported New Deal reforms:

  • A 1935 Gallup poll found 89% of Americans supported government old-age pensions5.
  • A 1938 Gallup poll showed 67% of the public approved of the Wages and Hours Law6.
  • FDR remained personally popular, winning re-election in 1936 with 61% of the vote and maintaining majority approval in national polls throughout most of his presidency7.

This disparity created a striking divergence between elite opinion and mass democratic sentiment. Programs that business leaders feared would erode property rights or introduce “creeping socialism” were enthusiastically embraced by the electorate.

Scholarly Interpretation

Political scientists and historians have drawn attention to this split:

“Although a clear majority of business executives wished to modify Social Security, only 17% wished to repeal it, while 24% wanted to retain it.”

— Hacker & Pierson, Politics & Society, 20028.

Historian Peter Swenson emphasizes the diversity within the business class: larger firms tended to tolerate Social Security, while smaller ones favored wage laws but resented union rules. Still, the general picture remains one of broad elite resistance to the New Deal, especially its labor and tax provisions9.

Conclusion

The Fortune-Roper polls underscore a profound tension in American politics: Roosevelt was able to enact sweeping reform not because of elite consensus, but in defiance of it. The New Deal’s durability, ultimately, stemmed not from boardroom acceptance but from mass popular support, cementing its place in the American political economy.

References

  1. Fortune Magazine, “What Business Thinks,” Fortune, October 1939.
  2. Hacker, J.S. & Pierson, P. “Business Power and Social Policy,” Politics & Society, 30(2), 2002.
  3. Swenson, Peter. “Arranged Alliance: Business Interests and the New Deal,” Politics & Society, 25(1), 1997.
  4. Gallup Poll Archives, 1935–1939.
  5. U.S. Department of Labor, Fair Labor Standards Historical Summary, 1938.
  6. Gallup, George. Presidential Approval Ratings Collection, 1936–1939.
  7. TIME Magazine, “Personnel: Composite Opinion,” Oct. 2, 1939.
  8. Krooss, Herman E. Executive Opinion, 1970.
  9. Higgs, Robert. “Regime Uncertainty,” Hillsdale College Free Market Forum, 2006.

Footnotes

  1. [Swenson 1997, Politics & Society, p. 33]↩︎

  2. [Fortune Magazine, Oct. 1939]↩︎

  3. [Hacker & Pierson 2002, Politics & Society]↩︎

  4. [Fortune Magazine, Oct. 1939]↩︎

  5. [Gallup Poll Archive, 1935]↩︎

  6. [U.S. Department of Labor Historical Summary, 1938]↩︎

  7. [Gallup Presidential Approval Ratings, 1936–1939]↩︎

  8. [Hacker & Pierson 2002, Politics & Society, Vol. 30(2)]↩︎

  9. [Swenson 1997, Politics & Society, pp. 34–36]↩︎