FDR and the New Deal

“The only thing we have to fear is fear itself” March 1933

1933 America High unemployment Bank failures poverty Hunger in shantytowns “Dustbowl”

FDR “New Deal” QANk0M “The only thing we have to fear is fear itself”

FDR’s first “100 Days” 1. Closed the banks for 4 days – “Emergency Banking Act” 3. Slash government spending – “The Economy Act” 4. Amendment 21 – repeal Prohibition! 2. “Fireside Chats”

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The New Deal The creation of “Alphabet Agencies” Agricultural Adjustment Act Civilian Conservation Corps Tennessee Valley Authority Public Works Administration

John Maynard Keynes if the amount of money being saved exceeds the amount being invested – which can happen if interest rates are too high – then unemployment will rise

Keynesian Economics Government intervention in the economy

Results? Unemployment remained high, but decreased greatly through his term restored hope and self-respect to tens of millions of desperate people built labor unions upgraded the national infrastructure Saved capitalism instead of nationalizing banks and railroads

FDR’s popular appeal All letters and phone calls to the White House were answered Fireside Chats brought the President into the American family’s home Through most of his 1 st term, Americans were unaware of his disability

The negative side… The Agricultural Adjustment Act Farmers paid subsidies NOT to plant part of their land AND to kill excess livestock = raised value of goods Tenant farmers and sharecroppers were hit the hardest The drought of

New Deal Opponents Huey “Kingfish” Long “Share Our Wealth” Against big banking Put a cap on personal fortunes Guaranteed minimum income per family

New Deal Opponents Charles Coughlin Attacked communism and socialism Early supporter of FDR Sympathetic to Hitler and antisemitism

New Deal Opponents Dr. Francis Townsend Called for greater social security reforms that FDR would offer

New Deal Opponents Supreme Court Struck down the NRA Threatened other programs as “unconstitutional”

New Deal Opponents Employers, Banks, Republicans Relief is a waste of taxes Communist form of Government!

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