The Great Depression And the New Deal.

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Presentation transcript:

The Great Depression And the New Deal

After the crash Unemployment: 25% Underemployment No unemployment insurance Unemployment breeds unemployment And lack of debt repayment Bank Closures and larger impacts

Agriculture Struggled throughout 1920s 60% drop in prices 1929-32 Dust Bowl Description Causes Drought Few trees in plains Erosion with new lands planted and farming techniques Results

Depression results Okies Hoovervilles Desperation Riding the rails More women working Family life changes

Hoover’s Response Laissez Faire-ish attitude A few recovery programs: Reconstruction Finance Corp. (RFC) Hoover Dam project Bonus Marchers (aka Bonus Boys) Decline in popularity 1932: FDR’s election

Questions from FDR film clip Define: New Deal, Pragmatism, Fireside chats How did Eleanor Roosevelt change the role of first lady?

The New Deal Definition Basis: Keynesian Economics

New Deal Programs: what did each do? Emergency Banking Act Farm Credit Admin/ Home Owners Loan Corp FERA Works Programs: CCC WPA PWA

New Deal Programs NRA AAA Rural Electrification Social Security FDIC Goals Supreme court strikes down Wagner Act 1935 NLRB AAA Rural Electrification Social Security FDIC

New Deal Regulations SEC Fair Labor Standards Act: Minimum Wage 44 hour week 25 cents/hour Who was left out?

Figure 18.2- Minimum Wage Growth 

17

Recovery Attempts: then and now Similarities: Gov’t spending on jobs and to help states Stimulus Pkgs: lower taxes and spending New Deal works programs Help for Banks 1930s: RFC, Emergency Banking Act 2008 and 2009: Bank Bailouts FDIC: created 1930s Expanded 2009 Call for greater regulations SEC created 1930s Now?

Differences Fewer direct gov’t jobs Less unity in pursuing a policy direction: today: President and Dems not as powerful. Economy not as bad so far (compare unemployment rates)

Financial Crisis Bailouts 2008 $700 billion rescue plan to deal with the financial meltdown $350 billion released to banks with no strings attached Oct 2008 Second $350 billion Jan 2009 http://topics.nytimes.com/top/reference/timestopics/subjects/c/credit_crisis/bailout_plan/index.html?scp=1- spot&sq=tarp&st=cse

2008 Stimulus: $168 billion $600 check rebate for individuals $1200 for married couples Tax incentives for some businesses Some guarantees of mortgages

2009 Stimulus: $789 billion $400 individuals $800 families $282 billion in tax cuts $400 individuals $800 families $507 billion spending Transportation Technology Energy Medicaid More NY Times on Stimulus details: http://topics.nytimes.com/top/reference/timestopics/subjects/u/united_states_economy/ economic_stimulus/index.html?scp=1&sq=stimulus%20packages&st=cse

Stimulus impact Did it fail? Or did it keep deeper economic failures at bay?

Now what? Jobs bill and tax the wealthy? Please read this link on the latest plans: http://topics.nytimes.com/top/reference/timestopics/subjects/u/unit ed_states_economy/economic_stimulus/index.html?scp=1&sq=eco nomic%20recovery&st=cse Or rely on the free market for recovery? Are we in recovery? http://economix.blogs.nytimes.com/2011/10/06/what-do-you-call- this-recovery/?scp=5&sq=economic%20recovery&st=cse

Political Struggles over the New Deal Critics Spending curtailed S Ct undoes AAA, NRA Roosevelt ties to pack the Supreme Court Recession within the Depression

Unemployment (measured in millions)

Results of the New Deal More Government agencies Gov’t involvement in managing the economy is expected Political stability: the gov’t is trying to help More unionization Democratic Party gains support from Af Ams and Labor Helps people endure Doesn’t cure the Depression

Union membership

Indian New Deal/ Indian Reorg Act Repealed the Dawes Allotment Act from the 1880s. What had the Dawes Act done? Tribal Governments created Cultural recognition Indian Raw Deal?