new deal legacy. 1929-1932 w/in months of the 1928 election (president herbert hoover) the stock...
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New
Deal L
egacyN
ew D
eal Legacy
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1929-1932
• W/in months of the 1928 election (President Herbert Hoover) the stock market crashed
– 1 out of 4 people were out of a job– Hoover was disliked
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The New Deal 1933-1934• Franklin Roosevelt’s plan to end the depression.• New Deal
• Social and economic programs to increase employment and security.
• The strength of the New Deal was that they were willing to take a chance.
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“Brain Trust”
• FDR’s informal cabinet– Were willing to try new ideas– Best & Brightest professors and businessmen in
their fields.– Created social programs to relieve the country
from the depression.
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FDR’s Inaugural Address• “The only thing we
have to fear is fear itself.”– Instilled
confidence in his administration
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FDR & Congress
• FDR’s 1st action> “Banking Holiday” March 6, 1933
– All banks in the U.S. were closed to stop the withdrawal of money
– FDR called a special session of Congress
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100 Days Congress (March 1933-June 1933)
• Emergency Banking Act- Government investigation of all banks – Banks that were found sound financially could
reopen.– Those banks that were found unsound were closed
permanently • People regained trust in the government’s ability to act.
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100 Days Congress (March 1933-June 1933)
• 15 major pieces of legislation • New Deal=Alphabet soup
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Problems and Solutions:
• Unemployment:– Civilian Conservation Corps (CCC)– Civil Works Administration (CWA)– 4 million jobs were created in 2 months
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Banking
• Glass-Steagall Act– Federal Deposit Insurance Corporation
(FDIC)• Gov’t agency would insure a bank deposit to a
set amount
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Agriculture
• Agricultural Adjustment Act (AAA)– Pay farmers subsidies to produce less thus
eliminating the surplus
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Industry
• National Industries Recovery Act (NRA)– Government establishes:
• codes to set prices/production quotas • eliminate child labor, • maximum number of hours a person could work• a minimum wage • right to have unions Public Works Administration
(PWA) • Public Works, bridges, roads, schools, etc
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Fireside Chats• FDR’s radio messages to the American public explaining
his programs– 1st address was used to explain the Banking Act
» Result of address= $1 billion worth of deposits were placed back into the banking industry by the American public
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The Second New Deal 1935-1938
• Permanent Reforms- “Still around”– Agricultural Adjustment Act– Tennessee Valley Authority – National Labor Relation Board– Securities and Exchange Commission– Social Security Act
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Tennessee Valley Authority
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Tennessee Valley Authority (TVA)
Gov’t would provide Dams & power stations & control flooding from the Tenn. River.
– This would provide electricity to the region
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National Labor Relations Board(NLRB)
• Lasting reforms:–Minimum wage-$.25/hour–Maximum hours=40hours per week
–Regulation of interstate commerce
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Securities & Exchange Commission
(SEC)
• Regulate & monitor the stock market activity.
• Investigate fraud & insider trading.
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What do we do withwe do with the aging?
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Social Security Act
Retirement income (pension)
Provide enough money for the aging to survive.
Death benefits to dependent children
Unemployment insurance
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New Deal comes under Supreme Court scrutiny
• NRA & AAA are declared unconstitutional
– Congress passes new legislation• Wagner Act & Fair Labor Standards Act• Fair Labor Standards Act
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1939=Death of the New Deal
– What did the New Deal accomplish?• Economic recovery for the Depression but not a
long term recovery• Lasting reforms
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Changes that occurred during the New Deal
– Labor unions became powerful• CIO> John L. Lewis> Industry wide
– Blacks become more involved in politics – Indians restored tribal control