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The Great Depression: FDR’s “New Deal” 1933-Today

The Great Depression: FDR’s “New Deal” 1933-Today. Segment 10 History 17 Michael J. McKinney. The Depression: FDR’s ‘New Deal’. 1) Tax the Rich: Wealth Act. 2) Restore Confidence in Banks/Financial Institutions a) FDIC Insurance b) Oversight/Regulation by Treasury Dept.

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The Great Depression: FDR’s “New Deal” 1933-Today

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  1. The Great Depression: FDR’s “New Deal”1933-Today Segment 10 History 17 Michael J. McKinney

  2. The Depression: FDR’s ‘New Deal’ 1) Tax the Rich: Wealth Act 2) Restore Confidence in Banks/Financial Institutions a) FDIC Insurance b) Oversight/Regulation by Treasury Dept. c) Split Investment/Commercial Banking d) Home Owner Loan Corp – Refinancing e) Federal Securities Act: Oversight/disclosure FDR – One of his “Fireside Chats” - 1935 3) Keynesian approach: Increase Government Spending a) Deficit spend to pump money in economy 4) Government Regulation /Manipulation on Economy a) National Recovery Administration b) Limit Production + Raise Prices: destroy stockpiles of food to inflate prices c) Minimum Wage d) Farm Subsidies: Agriculture Adjustment Act e) Federal Emergency Relief Admin (FERA) f) National Labor Relations Act – “good faith” “We have Nothing to Fear, but Fear Itself” – Pollyannaish? Out of Touch? 5) Social Security: Retirement

  3. FDR’s ‘New Deal’ - Continued 6) Public Works Projects a) Tennessee Valley Authority – Dams, Electricity b) Civil Works Administration - roads, buildings, housing, recreation facilities, airports c) Education and Vocational Training d) http://newdeal.feri.org/library/index.htm#6 - List Civilian Conservation Corp. in action 7) Government Programs and Agencies: Big Government a) National Youth Administration b) Resettlement Administration c) Rural Electrification Administration d) Art, Film, Music, Theater, Dance, Writing e) Education and Vocational Training f) Works Progress Administration – Employment g) Disaster Relief Work - Tennessee Valley Authority - 1933 WPA –University of Georgia, Classroom WPA –New York Federal Orchestra

  4. The New Deal’s Impact on the Economy: Positive? Negative? Indifferent? 1) Constitutionality? a) Price controls, subsidies, interference in business 2) Deficit Spending: Raises Interest Rates and Inflation a) Can be good, but you must make right investments b) Bad investments leaves you with debt, no return Civilian Conservation Corp - Investment in future forest or “Busy Work”? 3) Hard to judge effectiveness a) unemployment drop, but not dramatically b) Economy improved, but was it normal ups/downs? c) Some Good Investments: Some Wasteful d) Some Graft, Corruption and Pork Barrel Projects e) State Control stifled private investment, creativity ‘Hand-made’ Wicker Baskets? Is this efficient? Is there demand? Is this sustainable employment? Is this the right kind of training? More Busy Work? Walkway needed here? Or “Busy Work”?

  5. The New Deal’s Impact on the Economy: - Continued 4) Builds Confidence a) Trust in Banks, Financial Institutions, Stocks b) Instills National Pride: Good PR, Communication 5) Money goes toward bureaucracy…not those in need 6) Moderate Response a) Total Federal Government only 7% of GNP b) FDR refuses to go “all out” with deficit spending c) Comparatively few government programs d) FDR rejects socialist and “red” agenda Hoover Dam 7) Some Good Investments Made: Roads, Tunnels, Bridges, Electricity, Dams, Irrigation: Good return on investment 8) Valuable contributions to health, science, culture Ohio River Bridge San Diego Zoo Irrigation Channel – Modesto, CA

  6. Discussion Topic 3: FDRs Response 1) What do you like about FDRs New Deal? 2) What do you not like about FDRs New Deal? 3) Did the New Deal have a positive effect on the economy…or was it “feel good politics” that resulted in a lot of waste 4) In the end, did FDR just end up spending a lot of money and making a lot of noise…or did the New Deal have a positive impact? 5) Why did the Supreme Court reject much of the New Deal? 6) Was the New Deal ‘busy work’, or were valuable project completed? Were projects picked for FDRs political cronies? 7) Did New Deal Programs enrich the ‘target’ of the program, or the Bureaucracy designed to support the program?

  7. Class Exercise Compare and contrast the styles of Hoover and Roosevelt 1) Who has the better approach to handling the depression? Dealing with the Modern problem of Social Security 1) What would you do to fix Social Security?

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