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Trials of the “Greatest Generation:” The Great Depression and World War II (1929-1945). Onset of the Great Depression. Major Features of Depression. Unemployment rate as high as 25% (which does not even count underemployment) Bank failures in the thousands with deposits lost
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Trials of the “Greatest Generation:” The Great Depression and World War II (1929-1945)
Major Features of Depression • Unemployment rate as high as 25% (which does not even count underemployment) • Bank failures in the thousands with deposits lost • Wave of home foreclosures • Dust Bowl devastating Southern Plains states • Massive transient population, including hobos and “Okies”
Dimensions/Goals of New Deal • Relief: Most immediate, short-term goal; attend to basic needs of public such as food and shelter; least controversial, but many Americans were initially reluctant to accept charity • Recovery: Moderate-term goal of bringing the economy out of a depression; entailed Keynesian policies of using government spending to stimulate economic growth; included many public works programs to employ Americans; downside is that it requires running budget deficits and relying upon government bureaucracy that may not be as efficient as private sector
Dimensions/Goals of New Deal (continued) • Reform: Longest-term goal of making structural changes to U.S. economy to prevent future depressions; most controversial because it more permanently places government in the business of managing the economy
New Deal Setbacks/Limitations • Gender differential in pay • Much segregation in New Deal programs • Certain amount of “goldbricking” or “shovel-leaning” • Conservative Supreme Court justices struck down several FDR initiatives
Consequences of New Deal • Brought the U.S. economy out of the worst depths of the Great Depression, but did NOT by itself produce a recovery. • Helped shift the focus of the American public onto the executive branch as the driving force in the government. • Solidified the notion that the federal government should provide some degree of a safety net for its citizens.
Recommended Primary Sources for Papers & Other Assignments • The 25 Points by National Socialist Party (1920) • First Inaugural Address by FDR (Mar ‘33) • “Share Our Wealth” Plan by Huey Long (1934) • “Blood, Toil, Tear and Sweat” speech by Winston Churchill (1940) • Arsenal of Democracy speech by FDR (Dec ‘41) • Four Freedoms speech by FDR (Jan ‘41)