340 likes | 492 Views
FDR and the New Deal. “The only thing we have to fear is fear itself.”. FDR’s Response to Great Depression. “try something” Spend government money 2. “ Brain Trust” for advice 3. focus on 3 Rs: relief (direct aid, like jobs) recovery (supports/ help industries)
E N D
FDR and the New Deal “The only thing we have to fear is fear itself.”
FDR’s Response to Great Depression • “try something” • Spend government money • 2. “Brain Trust” for advice • 3. focus on 3 Rs: • relief (direct aid, like jobs) • recovery (supports/ help industries) • reform (new laws to fix problems)
Bank Holiday - First Step • Many banks had failed, wiping out families’ savings • People lost confidence in the banks • Banks closed March 6, 1933 • FDR asked Congress to pass Emergency Banking Actonly financially sound banks could reopen Depositors Congregate Outside Closed Bank
Next Steps Hundred Days • In the first 100 days of his administration Roosevelt asked Congress to pass tons of legislation Alphabet Soup • The agencies created had acronyms like AAA, CCC, TVA, FERA, FDIC
"New Deal" Relief FDR announces his “New Deal”
1. Civilian Conservation Corps. (CCC) • jobs for young men; conserved natural resources
Digging Ditches in Montana Illinois CCC advertisement
2. Federal Emergency & Relief Administration (FERA): • direct relief ($, clothes) to people FERA distributes clothing in Tennessee
3. Works Progress Administration (WPA): • gave jobs building public buildings and roads • also hired artists & writers WPA workers creating a flood Control dike in Arkansas
WPA helped artists, like Diego, create murals and continue his or her craft
1. Tennessee Valley Authority(TVA): • helped the valley by controlling floods and providing electricity
2. National Recovery Administration (NRA): • set industry codes for production, wages, prices & working conditions
3. Agricultural Adjustment Act (AAA) • farmers paid subsidies to NOT grow crops Texas farmers receive AAA check
4. Public Works Administration (PWA) • Provided jobs and stimulated business activity by contracting with private firms to construct roads, public buildings and other public-works projects
1. Federal Deposit Insurance Corp. (FDIC) • insured savings accounts in gov’t approved banks Logo banks display today for FDIC today
2. Social Security Act (SSA) • pensions for retired workers, unemployment insurance, death benefits FDR signs SSA
3. National Labor Relations Board (NLRB) • Lasting reforms: • Minimum wage-$.25/hour • Maximum hours=40hours per week • Collective bargaining for unions • Regulation of interstate commerce
4. Securities & Exchange Commission (SEC) • Regulate & monitor stock market activity • Investigate fraud & insider trading
Supporters of the New Deal: • Supporters said FDR… • 1. stretched Constitution to fit needs of time • 2. offered immediate help to needy • 3. fixed problems that led to depression • 4. increased optimism
Critics of the New Deal: • Critics said FDR… • 1. seen as “socialistic” • 2. “Unconstitutional” • 3. against American self-reliance • 4. Called FDR a “dictator” • Deficit spending
Government Expenditures • The total cost of the recent bailout now exceeds $4.6 trillion dollars. It has cost more than all of these government expenditures combined. Figures in parentheses have been adjusted for inflation: • Marshall Plan: Cost: $12.7 billion ($115.3 billion) • Louisiana Purchase: Cost: $15 million ($217 billion) • Race to the Moon: Cost: $36.4 billion ($237 billion) • Korean War: Cost: $54 billion ($454 billion) • The New Deal: Cost: $32 billion est.($500 billion est.) • Invasion of Iraq: Cost: $551billion ($597 billion) • Vietnam War: Cost: $111 billion ($698 billion) • NASA: Cost: $416.7 billion ($851.2 billion) • TOTAL: $3.92 trillion