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The new deal

The new deal

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The new deal

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Presentation Transcript

  1. The new deal

  2. Franklin Roosevelt • Becomes president in 1932 • Campaign speech promised a “new deal for the American people.” • THREE GOALS: relief for the needy, economic recovery, financial reform

  3. Early Accomplishments (first 100 days) • Declared a bank holiday on his first day in office • Emergency Banking Relief Act – Treasury Department inspected banks • Glass-Steagall Act – Established the FDIC ($5,000) • Federal Securities Act – Established the SEC to regulate the stock market

  4. Fireside Chats • Radio talks about public concerns • Explained his New Deal in plain, clear, simple language • Designed to be informal • Tried to explain the role of the average person within the American economy • Spoke as if he was talking to you face to face

  5. AAA – Agricultural Adjustment Administration • Intent was to raise crop prices by lowering production • Government paid farmers to leave a portion of every acre unseeded • Cotton – too far advanced – government paid $200 million to plow under 10 million acres of land • 6 million pigs slaughtered.

  6. Agricultural Adjustment Administration poster

  7. CCC – Civilian Conservation Corps • Put 18-25 year old men to work building roads, developing parks, planting trees, and helping in soil-erosion and flood control projects. • 3 million trained by 1932 • Wage was $30/month and $25/month was sent straight home to your family

  8. Civilian Conservation Corps poster

  9. NIRA – National Industrial Recovery Act • Created the PWA • Provided money to states to create jobs in the construction of schools and community buildings

  10. CWA – Civil Works Administration • Addressed unemployment that was not covered by the NIRA and the PWA • Immediately provided 4 million jobs during the winter of 1933/34. • Built 40,000 schools • Built 500,000 miles of roads • Paid 50,000 teachers

  11. HOLC (home owners loan corp) and the FHA (federal housing administration) • Provided government loans to homeowners who faced foreclosure • Furnish loans for home repairs • The FHA is still with us today

  12. Notice the eagle in the middle

  13. FERA – Federal Emergency Relief Fund • $500 million to provide direct relief for the needy • Half was given to states as direct grants to help furnish food and clothing to the unemployed, aged, and ill • The rest went to support work relief programs

  14. Deficit Spending • President Roosevelt agreed to spending more money than the government was receiving in revenue. • FDR believed deficit spending was a necessary evil only to be used in a time of crisis. • Keynes – and influential British economist promoted this idea

  15. Deficit Spending • Millions of American benefitted • Public confidence rebounded • DEFICIT SPENDING – the government spends more than it receives in revenue • LIBERALS – the New Deal is too small • CONSERVATIVES – spending too much and creating socialism

  16. THE SECOND NEW DEAL • FDR called on congress to provide more extensive relief for both farmers and workers • Eleanor had deep humanitarian impulses and also influenced him • Reelected in 1936

  17. WPA (works progress admin) • Spent $11 billion dollars to create 8 millions jobs for mostly unskilled workers. • Built 850 airports • Constructed or repaired 651,000 miles of road • Erected 125,000 public buildings • Women sewed 300 million garments for the needy

  18. NYA (National Youth Admin.) • Created specifically to provide jobs, education, counseling, and recreation for young people. • Provided student aid to high school, college and graduate students • In exchange students worked part time at their schools

  19. NYA Journalism Students

  20. NYA Auto mechanics

  21. CRITICS • Huey Long is considered to be the most serious critic • Senator from Louisiana who was running for president • “Share-Our-Wealth” clubs • 1935 – 27,000 S.O.W clubs with 7.5 million members • Long was assassinated by a lone gunman

  22. Lasting Effects • Reformed banking and finance • Government takes a more active role in the economy • Workers benefit from labor standards • Social security provides for the needy • Conservation efforts preserve the environment

  23. Success!