How the new deal affects us today Video
Objective 5.7- Legacy of the New DealRight!: How the new deal affects us today
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The New Deal is an economic policy Franklin D. Roosevelt launched to end the Great Depression. FDR proposed the New Deal to reverse the downward economic spiral.
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FDR launched the New Deal in three waves from to Congress passed dozens of programs to stabilize the U. They provided relief source farmers and jobs to the unemployed. They also built private-public partnerships to boost manufacturing. It said government spending could end the Depression by stimulating consumer demand.
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Hoover believed a free market economy would self-correct. As the Depression wore ongovernment revenue fell, so Hoover cut spending. He signed the Smoot-Hawley tariff to protect U. Instead, the Depression worsened. Roosevelt was inaugurated on March 4, In his first days in office, FDR pushed Congress to pass 15 new agencies and laws.
Together, they created "capitalism with safety nets and subsidies," according to historian Lawrence Davidson.
Four Surprising Ways the New Deal Affects You Today
Inconservative businessmen criticized the New Deal for being too socialistic. Others, like Louisiana politician Huey Long, said it didn't do enough for the poor.
Despite their criticisms, FDR pushed for these additional programs:. Concerned that other programs would also be eliminated, FDR launched the second round of New Deal programs. These focused on providing more services for the poor, the unemployed, and farmers.
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