Chapter 23- The New Deal

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Chapter 15- The New Deal
Roosevelt v. Hoover 1932
Conservative; opposed direct
Relief to combat depression
Liberal; social duty of gov.
To aid the poor
Privately run welfare funds
And local gov. to help needy
Combo of private and federal
Aid to needy
Supported some regulation
Of business
Supported regulation of
Business and government
Ownership of utilities
Believed in tariffs to raise
Money for government
Believed in progressive
Income tax
1. A New Deal Fights the
Depression
1. Election of 1932:
a. Dem- Franklin D. Roosevelt
b. Rep.- Herbert Hoover
1. Roosevelt won in overwhelming
fashion
2. Democrats also took control of
Congress
2. Waiting for Roosevelt:
1. 20th Amendment- moved
inaugurations from March to January (did
not go into effect until 1933)
2. “Brain Trust”- group of advisors to
FDR working on set of policies- “New
Deal”
Economic
Recovery
Reforms to
prevent another
depression
Relief for the
unemployed
Goals of
New Deal
b. March 9-June 16, 1933- “First 100 Days”
1. 15 pieces of legislation passed
significantly expanded gov’ts role in economy.
3. Reforming Banking and Financing:
a. declared a bank holiday
b. Emergency Banking Relief Act:
revived faith in banks
c. An important Fireside Chat
d. Glass-Steagall Banking Act of 1933:
1. Est. the FDIC (Federal Deposit
Insurance Cor.)
2. Provided
insurance for accounts less than $5,000.
e. Federal Securities Act: required cor. To
provide information on all stock offerings and
made them liable for misrepresentation.
1. Securities and Exchange Commissionregulate stock market.
f. 21st Amendment: repealed
prohibition
1. Cleared way for alcohol
tax for raising government revenue.
B. Helping the American People
1. Assisting farmers:
a. Agricultural Adjustment Act (AAA):
raise crop prices by limiting production
1. Asked farmers not to grow or to destroy
some crops/livestock
2. Providing Work Projects:
a. Civilian Conservation
Corps.: 18-25 year old men to
work building roads, parks, planting trees,
and soil-erosion/flood control projects.
1. Paid $30/month; $25 sent to
family
2. Free food and uniforms
b. Federal Emergency Relief Administration:
$500 million to provide direct relief to the needy.
c. Public Works Administration: money to
states to create jobs
1. Schools; community
buildings
d. Civil Works Administration (CWA):
4 million immediate jobs; 40,000 schools;
1/2 million miles of road
e. National Industrial Recovery
Act:
1. National Recovery Administration:
set prices on products to ensure fair
competition
a. standards for work hours; child
labor laws
f. Tennessee Valley Authority (TVA):
renovated 5 existing dams and
constructed 20 new ones
C. New Deal Under Attack:
1. Liberals- new deal didn’t do enough to
help the poor and reform the economy.
2. Conservatives- too much direct relief
and a socializing of the economy.
a. “court-packing” bill
b. called for appointment of 6 new justices
1. Why appoint new ones?
2. Never came to fruition
2. Unforeseen changes- appointed 7 new
justices in 4 years.
3. Huey Long- “The King Fish”
a. Share Our Wealth Programs
The Tree of Liberty
Liberals
Radicals
Conservatives
5. Father Charles Coughlin- Roman Catholic
priest
a. favored guaranteed annual income
b. nationalization of banks
c. radio audience of 40 million
d. anti-Semitic views cost him
support
II. The Second New Deal
A. Second 100 Days
B.
1. 1936 Election
C.
a. Rep.- Alfred Landon
D.
b. Dems.- FDR
E.
1. Landslide- FDR
F.
2. Works Progress Admin. (WPA):
constructed airports, libraries, hospitals,
roads, etc.
a. $5 Billion budget; largest sum ever
for welfare by one nation.
b. employed 8 million people
c. employed teachers, artist,
musicians, etc.
B. Improving Labor Conditions:
1. Fair Labor Standards Act:
a. est. national minimum hourly rate for
wages- 25 cents
b. est. national maximum workweek- 44
hours.
2. Social Security Act:
a. old age insurance for retirees 65 or
older and their spouses.
b. unemployment compensation system
c. aid to families with dependent
children and the disabled
III. Impact of the New Deal
A. Reforms that Endure
1. 1937 production had returned to 1929
levels and unemployment was at 14%
a. 1939 the New Deal was over
b. fear of deficit spending: spending
more money than the government
receives.
2. Expanding the role of the government
a. more active role in shaping economy
1. Kicking $ into economy
2. Creating federal jobs
3. Regulating supply and demand
4. Increased involvement in labor
disputes
b. Fed. Gov’t had to go deep into debt:
1. 1934- $3.3 Billion
2. 1939- $2.9 Billion
c. So what really ended the depression?
1. Massive spending for guns, tanks,
airplanes, and other war time equipment.
3. Areas effected long term:
a. Labor
b. agriculture
c. banking and finance
4. Continued Benefits:
a. Social Security
b. The Environment
1. Tennessee Valley Authority (TVA):
water power for hydroelectric power to
prevent floods
2. National parks
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