President Woodrow Wilson’s New Freedom Honors American History 8.5

The Democratic Party & Governor Woodrow Wilson (NJ) Could he rescue the Democratic Party from “Bryanism”??

Democratic Party Platform Government control of the monopolies  trusts in general were bad  eliminate them!! Tariff reduction. One-term President. Direct election of Senators. Create a Department of Labor. Strengthen the Sherman Anti-Trust Act. Did NOT support women’s suffrage. Opposed to a central bank. NewFreedomNewFreedomNewFreedomNewFreedom

An Actual 1912 Ballot

Election Results By 1912, 100,000 fewer people had voted for Wilson than had voted for Bryan in The 1912 election marked the apogee of the Socialist movement in America.

GOP Divided by Bull Moose Equals Democratic Victory!

The New Freedom Platform Underwood Tariff Act of 1913 Sixteenth Amendment (Ratified 1913) Bust the Trusts! –Federal Trade Commission (FTC) Consumer Protection –Clayton Antitrust Act Protects labor unions –Adamson Act – Eight-hour workday (railroads) Regulate the Banks! (Federal Reserve Act)

Clayton Anti-Trust Act

A Progressive Income Tax The Bush Tax Brackets Single If your taxable income is between... Your rate is... $0$8,02510% $8,025$32,55015% $32,550$78,85025% $78,850$164,55028% $164,550$357,70033% $357,700Above35% Upper Bracket under Clinton was 39.6%

Who Pays Taxes?

The Federal Reserve System

Twelve Fed Banks

The Tools of Monetary Policy Open Market Operations –Purchase and sale of U.S. Treasury and federal securities Discount Rate –Rate charged to member banks to borrow from the discount window Reserve Ratio –The amount of funds a member bank must hold in reserve against deposited liabilities The Fed seeks to balance unemployment and inflation and sustain long term economic growth.

The Fed Discount Rate (From 1976 – 2004)

Federal Reserve Chairman Ben Bernanke –Graduate of Harvard University –Professor from Princeton University