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Was The New Deal A Success Or Failure Essay

1004 Words5 Pages

In the 1920’s many Americans relished in post-war prosperity. However, in 1929, the stock market crashed, and the Great Depression began. This period of time had many effects on people and businesses. With banks closing their doors and people having to sell their belongings to live, it became a depressing period. Years later, in 1932, President Franklin D. Roosevelt was elected. Known today as the New Deal, he quickly instituted a series of programs, public works projects, and financial reforms. FDR’s ultimate goal was to restore dignity and prosperity to many Americans. Many people benefited from the changes made in the economy because of how much suffering occurred prior. For this reason, the New Deal was a success because a rise of job openings occurred, the way of living for Americans improved and it meant that Americans …show more content…

No one felt comfortable depositing money into banks that had gone bankrupt. However, the New Deal was actually a success because it provided refundable money if there was ever another crash. It also created social security for employees in the country. The corporation created to promote Americans to deposit was the FDIC (Federal Deposit Insurance Corporation). This corporation was part of a bill created by FDR in the Congress Banking Act of 1933. It expressed that individual bank deposits were refundable up to $5,000 ($250,000 now) at the time if the bank were to lose all of its money. The people of America loved the idea and what the Act had to offer. In source c, George Dobbin a 67 year old cotton mill worker said that “I do think that Roosevelt is the biggest-hearted man we ever had in the White House... It's the first time in my recollection that a President ever got up and said, "I'm interested in and aim to do somethin' for the workin' man.” This proves that FDR’s creation of the New Deal, was very much so supported by the working class in a strong

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In addition to the New Deal programs, FDR created a new slate of reforms of the financial system for the unemployed, workers, and farmers. The Federal Deposit Insurance Corporation protected depositors’ accounts and allowed the Securities and Exchange Commission to regulate the stock market to prevent abuses that led them to the crash in 1929. As opposed to Ronald

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FDR’s first incentive was to make “The Emergency Banking Act which authorized the Federal Reserve Board to issue new banknotes and allow the reopening of banks that had adequate assets, and arranged for the reorganization of those that did not” (Source 2). The New Deal helped reopen banks and provided loans to banks that needed help, and closed banks that were too unstable to open (Source 4). Along with this, he made the Glass-Steagall Act that insured bank accounts through the FDIC’s (Federal Deposit Insurance Corporation) main purpose is to insure deposits, examine and supervise financial institutions for safety, soundness, and consumer protection, make large and complex financial institutions resolvable (Source 5).

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The wealth during the 1920s left Americans unprepared for the economic depression they would face in the 1930s. The Great Depression occurred because of overproduction by farmers and factories, consumption of goods decreased, uneven distribution of wealth, and overexpansion of credit. Hoover was president when the depression first began, and he maintained the government’s laissez-faire attitude in the economy. However, after the election of FDR in 1932, his many alphabet soup programs in his first one hundred days in office addressed the nation’s need for change.

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During Franklin D. Roosevelt presidency, Franklin expressed multiple ways that the economy could once be prosperous again and how to bring relief to americans. This plan was called the New deal and included FDR’s multiple benefits towards the economy and Americans, but also the various drawbacks to individuals portraying the economy and Americans. FDR was a very determined and ambitious man due to his handicapped conditions. FDR never gave up and stayed strong on his ideas about the New deal and his plans for the American people.

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Roosevelt took office during the Great Depression and helped restore confidence to the American people. Franklin himself asserted in his inaugural address, "The only thing we have to fear is fear itself." He gave hope to the American people by promoting a domestic New Deal policy in response to a crisis in American history. In his book New Deal Thomas Riggs maintains that “The New Deal began immediately after Roosevelt's inauguration in 1933 and set out to relieve the suffering of the unemployed and impoverished, restore the economy to a healthy level, and reform the financial system in order to prevent future fiscal catastrophes.” His plan sought to control agricultural production, stabilize wages and prices, and create a large public works program for the

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The Great Depression in the United States began on October 29, 1929, plunging the country into its most severe economic downturn. Speculators lost their shirts; banks failed; the nation's money supply diminished; companies went bankrupt and began to fire their workers in droves. President Franklin Roosevelt took office in 1933, and he acted quickly to try and stabilize the economy, provide jobs and relief to those who were suffering. Over the next eight years, the government instituted a series of experimental projects and programs, known as the New Deal, that aimed to restore some measure of dignity and prosperity to many Americans. More than that, Roosevelt’s New Deal permanently changed the federal government’s relationship to the U.S.

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The New Deal was intended to boost morale, decrease unemployment, and regulate the economy; however, it was only a temporary fix and ultimately failed. It left the nation with an incredible amount of debt while unable to fulfill its main purpose of increasing employment and bringing confidence in the economy to the public.

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The Glass-Steagall Banking Reform Act provided insurance for individual deposits up to $5000 to end the bank failures and it significantly help financial front and protect gold reserves and paper currency (AP, 754). In Relief, the president created jobs for the jobless by passing the Civilian Conservation Corps provided regular citizens to work on projects across the country, mostly in state and national parks. He used federal money to assist the unemployed and help industrial recovery by creating programs that put professional builders and construction workers to work making dams, school, and water systems ad roads across the nation. Roosevelt helped agriculture as well by paying farmers a subsidy to produce less crops or plant others so that the supply would equal the demand of food, helping prices and production

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Beginning with President Franklin D. Roosevelt’s inauguration in 1933, the New Deal was passed in the context of reformism and rationalism as the United States proceeded through the Great Depression. The American people looked to the President to instill reform policies to help direct the country out of an economic depression, and thus often sought to abandon the society that existed before the Great Depression. Roosevelt instituted New Deal policies to attempt to combat this period of economic decline, many of which were successful and appealed to the American people’s desires. President Roosevelt’s New Deal is often criticized for being excessively socialistic in nature, thus causing dramatic changes in the fundamental structure of the United

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The New was bargaining the money they did not have. FDR attempted to help better the situation but ultimately he only provide emotional support rather than financial support, “ ...made a lot of us feel a lot better even when there wasn’t much to eat in our homes” ( Doc. C) Roosevelt was a kind hearted man, he tried to help and he did help but at the end of the day the United States was still in Great Depression. His New Deals still left most Americans without food on their plate when it came at dinner time.

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