The New Deal

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The New Deal

Unread postby Jordan » Tue May 03, 2011 5:15 am

I've constantly heard an argument that the New Deal didn't do anything to end the Great Depression, but rather World War 2 did. I personally think this is misleading. World War 2 revitalized American industry and gave people jobs but it didn't solve all the problems of the Great Depression on its own; these were only two factors in the Great Depression. Unregulated speculation, collapsing banks, long-standing difficulties faced by American farmers, cheating in the stock market were all other problems that weren't entirely solved by America's entrance into World War 2. Meanwhile these problems were somewhat mitigated by the New Deal. The fact alone that FDR helped restore American confidence in the banks was an important change. And of course the New Deal did give some people jobs, even if these were limited government enterprises that didn't always pan out perfectly or ultimately solve the most lingering issues of the Great Depression.

I recognize that there were many issues with the New Deal. The government tried to do too much and there was a lot of mismanagement. And of course it enlarged government powers over the country, which some would contend as a huge negative that still affects us to this day. On its own it didn't end the Great Depression but I think it did help. For example, the New Deal did a lot to help out farmers that previous government intervention had failed to really assist (To his credit, Hoover had also tried to help out farmers).

Thoughts?
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Re: The New Deal

Unread postby Lord Yang Jiahua » Tue May 03, 2011 7:29 am

SlickSlicer wrote:I've constantly heard an argument that the New Deal didn't do anything to end the Great Depression, but rather World War 2 did. I personally think this is misleading. World War 2 revitalized American industry and gave people jobs but it didn't solve all the problems of the Great Depression on its own; these were only two factors in the Great Depression. Unregulated speculation, collapsing banks, long-standing difficulties faced by American farmers, cheating in the stock market were all other problems that weren't entirely solved by America's entrance into World War 2. Meanwhile these problems were somewhat mitigated by the New Deal. The fact alone that FDR helped restore American confidence in the banks was an important change. And of course the New Deal did give some people jobs, even if these were limited government enterprises that didn't always pan out perfectly or ultimately solve the most lingering issues of the Great Depression.
WOAH!! whose saying that!!
Seriously, look at the facts, FDR despite huge spending was able to put the American work force to work, he built innumerable Public works which btw need to be continued today, he set the basic framework for the way democrats see the economy, and you know what, his plans worked! otherwise it would have been Lindbergh as President in 1940(shudders) imagine where that would have gone.YOur facts are correct Slick down to my textbook says American History on it.
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Re: The New Deal

Unread postby Sun Fin » Tue May 03, 2011 10:35 am

SlickSlicer wrote: The fact alone that FDR helped restore American confidence in the banks was an important change. And of course the New Deal did give some people jobs, even if these were limited government enterprises that didn't always pan out perfectly or ultimately solve the most lingering issues of the Great Depression.


We were taught that that was the sole achievement of The New Deal and that if not for WWII it might not have worked. I'm not gonna engage in debate though cos I haven't studied this in a few years and to say I'm rusty on the details is an understatement.
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Re: The New Deal

Unread postby SunXia » Thu May 05, 2011 6:36 am

It was a bit of both right?? War Economy is not a very long term stable economy, but yes WWII was a good boost but it wasn't the only factor at play!! Not everyone was part of the army or involved in the war so the New Deal did a lot for the home front and helping to pick a country back up!!
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Re: The New Deal

Unread postby James » Thu May 05, 2011 3:27 pm

Lord Yang Jiahua wrote:Seriously, look at the facts, FDR despite huge spending was able to put the American work force to work, he built innumerable Public works which btw need to be continued today, he set the basic framework for the way democrats see the economy, and you know what, his plans worked! otherwise it would have been Lindbergh as President in 1940(shudders) imagine where that would have gone.YOur facts are correct Slick down to my textbook says American History on it.

Unemployment didn't truly turn around until the war employed pretty much everyone.
FDR's involvement in public utilities is one mixed with accomplishment and horrible mistakes/injustices.
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Re: The New Deal

Unread postby Sun Fin » Mon May 09, 2011 10:50 pm

OOO, I remember the one thing my history teacher went on about when it came to the New Deal. 'Tennese Valley legislation', apparently that was one of the big, genuine success stories
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Re: The New Deal

Unread postby Cao Chao » Mon May 30, 2011 6:47 pm

President Franklin Delano Roosevelt isn't actually a proponent of a government deficit spending to end a recession. In fact, in initial meetings he had with John Maynard Keynes, Roosevelt viewed the British economist as a crackpot. These views were shared by the members of Roosevelt's cabinet, many of whom believed in balanced budgets and none of whom believed that government spending could bring an economy out of recession. Ultimately, Roosevelt was forced to spend because of the economic situation and because of the war that came about.

The first New Deal instituted in 1933 was actually founded upon fiscal conservatism. While there were increases in government expenditures (partly as a result of many programs actually begun under Hoover's administration, this includes), Roosevelt's attempts to balance the budget nearly stopped the recovery almost before it could begin (this included reductions in government salaries and elimination of thousands of veterans and widows off pension rolls). What Roosevelt really did was restore the confidence of the American people in the banking system through the creation of the FDIC and the suspension of the gold standard. This eliminated bank runs and restored some degree of credit to businesses and consumers, as well as reducing some of the deflation risks that the US dollar had been facing.

Roosevelt real intentions were further born out by tax increases and spending cuts in 1937 that led to another recession (though economists from the Chicago school also blame the raise in reserve requirements by the Federal Reserve). Chastened by the experience, Roosevelt pushed through $3.75 billion worth of spending.

The reality is that while expenditures in the New Deal did help reduce unemployment, unemployment was really only eliminated when conscription resulted in 16 million Americans serving in the military.
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