president woodrow wilson’s new freedom honors american history 8.5

President Woodrow President Woodrow Wilson’sWilson’s

New FreedomNew FreedomHonors American History

8.5

The Democratic Party &Governor Woodrow

Wilson (NJ)

The Democratic Party &Governor Woodrow

Wilson (NJ)

Could he Could he rescue the rescue the Democratic Democratic Party from Party from “Bryanism”??“Bryanism”??

Democratic Party PlatformDemocratic Party Platform

Government control of the Government control of the monopolies monopolies trusts in general were bad trusts in general were bad eliminate them!! eliminate them!!

Tariff reduction.Tariff reduction.

One-term President.One-term President.

Direct election of Senators.Direct election of Senators.

Create a Department of Labor.Create a Department of Labor.

Strengthen the Sherman Anti-Strengthen the Sherman Anti-Trust Act.Trust Act.

Did NOT support women’s Did NOT support women’s suffrage.suffrage.

Opposed to a central bank.Opposed to a central bank.

NNeeww

FFrreeeeddoomm

NNeeww

FFrreeeeddoomm

An Actual 1912 BallotAn Actual 1912 Ballot

Election ResultsElection Results

By 1912, 100,000 fewer people had voted By 1912, 100,000 fewer people had voted for Wilson than had voted for Bryan in for Wilson than had voted for Bryan in 1908.1908.

The 1912 election marked the apogee of The 1912 election marked the apogee of the Socialist movement in America.the Socialist movement in America.

GOP Divided by Bull Moose

Equals Democratic Victory!

GOP Divided by Bull Moose

Equals Democratic Victory!

The New Freedom The New Freedom PlatformPlatform

• Underwood Tariff Act of 1913• Sixteenth Amendment (Ratified 1913)• Bust the Trusts!

– Federal Trade Commission (FTC)• Consumer Protection

– Clayton Antitrust Act• Protects labor unions

– Adamson Act – Eight-hour workday (railroads)

• Regulate the Banks! (Federal Reserve Act)

Clayton Anti-Trust Act

A Progressive Income A Progressive Income TaxTax

The Bush Tax Brackets

2008 - SingleIf your taxable income is between . . . Your rate is . . .

$0 $8,025 10%

$8,025 $32,550 15%

$32,550 $78,850 25%

$78,850 $164,550 28%

$164,550 $357,700 33%

$357,700 Above 35%

Upper Bracket under Clinton was 39.6%

Who Pays Taxes?Who Pays Taxes?

The Federal Reserve The Federal Reserve SystemSystem

Twelve Fed BanksTwelve Fed Banks

The Tools of Monetary The Tools of Monetary PolicyPolicy

• Open Market Operations– Purchase and sale of

U.S. Treasury and federal securities

• Discount Rate– Rate charged to

member banks to borrow from the discount window

• Reserve Ratio– The amount of funds

a member bank must hold in reserve against deposited liabilities

The Fed seeks to balance

unemployment and

inflation and sustain long

term economic growth.

The Fed Discount RateThe Fed Discount Rate(From 1976 – 2004)(From 1976 – 2004)

Federal Reserve Federal Reserve ChairmanChairman

• Ben Bernanke– Graduate of

Harvard University

– Professor from Princeton University