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The New Deal

The New Deal, implemented from 1933 to 1938, aimed to revive the US economy and provide relief to citizens during the Great Depression. President Hoover's initial plan evolved into FDR's comprehensive strategy, which included measures for relief, recovery, and reform. Despite criticism from both the Left and the Right, the New Deal had a significant impact and helped improve the economy.

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The New Deal

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  1. The New Deal 1933 to 1938

  2. President Hoover’s Plan • Initially called for voluntary action • and raised protective tariff duties • Moratorium on the War debt - 1931 • Turned toward balancing budget • By 1932 - expanded public works and credit to businesses • Reconstruction Finance Corp • Federal Home Loan Banks

  3. The Election of 1932 • Demo platform brief and vague • “Wet” and “govt. responsibility for human welfare” • Republicans re-nominate Hoover • Democrats nominate Franklin Roosevelt (FDR) • He promised “Bold Action” • A “New Deal”

  4. Hoover vs. FDR • Hoover continued to claim that prosperity was just around the bend • FDR had no carefully formulated plan • But New Deal sounded like a plan of action • Pragmatic, confident, & charismatic

  5. FDR wins in a landslide • Wins 42 out of 48 states • Electoral vote 472 to 59 • Gets over 22 million popular votes (57% of vote) • Public registers resentment toward Hoover at polls

  6. Lame Duck Period • Between Nov. 1932 & March 1933 Depression gets worse • Hoover frustrated - FDR waits • 20th Amendment (1933) changes inaugural date from March to January • But goes into effect after ’33 inauguration

  7. March 4,1933FDR’s 1st Inaugural • “The only thing we have to fear is fear itself…” • Re-assures the American people & they respond • 1/2 million approving letters sent • The New Deal begins

  8. The Cabinet & the “Brain Trust” • Cabinet includes some Republicans • Frances Perkins Sec. Of Labor 1st women • The “Brain Trust” experts paid $1 per year

  9. The First 100 days • The Bank Holiday to restore confidence. • Congress: Give the President whatever he wants. • The 3 R’s of the New Deal • Relief, Recovery, & Reform

  10. Relief Measures • FERA (1933) Federal Emergency Relief Administration • CCC (1933) Civilian Conservation Corp. • WPA (1935) Works Progress Adm.

  11. Recovery Measures • Farm Credit Adm. (FCA) 1933 • Agricultural Adjustment Adm. (AAA) 1933 • Reconstruction Finance Corp (RFC) 1932

  12. More… • Home Owner’s Loan Corp. (HOLC) 1933 • National Industrial Recovery Act (NIRA) 1933 • Created NRA & PWA • National Recovery Adm. (NRA) • Public Works Adm. (PWA)

  13. Reform Measures: • Federal Deposit Insurance Corp. (FDIC) 1933 • The Tennessee Valley Authority (TVA) 1933 • Security Exchange Commission (SEC) 1934 • Social Security Act 1935

  14. Keynesian Pump Priming • John Maynard Keynes • British Economist • Deficit spending in time of depression is good policy • Expanded employment fosters purchasing & recovery • FDR adopts idea but undermines the positive effect through taxation

  15. Initial impact of the New Deal • Highly popular • Due to real achievements and FDR’s political skill • The economy saw some improvement • New Deal drew fire from Left & Right • Left complained that the New Deal did little to help the poor • Right complained that it was anti-capitalist

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