Roosevelt's advisers believed that excessive competition and technical progress had led to overproduction and lowered wages and prices, which they believed lowered demand and employment (deflation).
羅斯福的顧問們相信過多的競爭與科技的進步造成了過度生產，並降低了薪資與價格，他們認為因此減少了需求與就業（通貨緊縮）。