Transcript Slide 1
Objective: To examine the formation of the New Deal. Franklin Delano Roosevelt • Franklin Delano Roosevelt (FDR) won the 1932 Presidential election. Franklin Delano Roosevelt: First Inaugural Address March 4, 1933 History Sound Bite “The only thing we have to fear is fear itself.” The New Deal, a phrase taken from a campaign speech in which Roosevelt had promised “a new deal for the American people”, focused on three general goals: 1) relief for the needy 2) economic recovery 3) financial reform II. plans for I. Relief for economic the unemployed Recovery The New Deal had three major goals: Concluding Videos: 1) FDR (3:26) 2) First New Deal: First Hundred Days (5:26) III. Reforms to prevent another depression •FDR was elected to four consecutive terms as president: 1932, 1936, 1940 and 1944. His lengthy term inspired the 22nd Amendment. •FDR was the 5th cousin of Theodore Roosevelt. •FDR struggled with polio. Only two photos exist of him in a wheelchair. •FDR died while posing for a portrait at his Warm Springs, Georgia home in April, 1945. The First 100 Days Roosevelt’s first step as president was to carry out reforms in banking and finance. Federal Deposit Insurance Corporation (FDIC) -provided federal insurance for individual bank accounts of up to $5,000. Securities and Exchange Commission (SEC)- regulate the stock market by preventing people with inside information about companies from “rigging” the stock market for their own profit. While working on banking and financial matters, the Roosevelt administration also implemented programs to provide relief to farmers, perhaps the hardest hit by the depression. The Tennessee Valley Authority (TVA) created thousands of jobs building dams and provided flood control and hydroelectric power for an impoverished region. The Agricultural Adjustment Act (AAA) sought to raise farm prices by paying farmers to slaughter hogs and leave land unseeded. The theory was that reduced supply would boost prices. The Public Works Administration (PWA), created as part of the National Recovery Act (NRA), provided money to states to create jobs chiefly in the construction of schools and other community buildings. Did You Know? The Civilian Conservation Corps (CCC): •Provided almost 3 million men aged 18-25 with work and wages between 1933-42. •Planted over 3 billion trees, developed over 800 state parks, and built more than 46,000 bridges •Were paid $30 dollars a month, of which $25 was automatically sent home to the worker’s family. Roosevelt gave many fireside chats, or radio talks, to explain issues and/or lift people’s morale during the depression. New Deal Comes Under Attack • Conservative critics argued that Roosevelt spent too much on direct relief and used New Deal policies to control businesses and socialize the economy. Many critics believed the New Deal interfered with the workings of a free-market economy. Perhaps the most serious challenge to the New Deal came from Senator Huey Long of Louisiana. Like Robin Hood, his program would empower the government to confiscate wealth from the rich through taxes and then provide a guaranteed minimum income and a home to every American family. Senator Huey Long Angered that the Court had declared several of his New Deal measures unconstitutional, Roosevelt called attention to the ages of the justices, labeling them “Nine Old Men,” and asked congress to allow him to appoint one new justice for each of those 70 or older, up to six new justices. Critics charged that this “court-packing” would tamper the delicate balance of legislative, executive, and judicial powers. John Maynard Keynes Late British economist and promoter of deficit spending President Roosevelt reluctantly agreed to a policy of deficit spendingspending more money than the government receives in revenue. In theory, deficit spending would jump start the economy by giving consumers more money to spend on goods and services thus fueling economic growth. •Banking and finance are reformed •Government takes a more active role in the economy •Workers benefit from labor standards •Social Security system continues to provide security •Conservation efforts continue to preserve the environment