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Chapter 28 - Tindall/Shi Ch 28 Tindall/Shi America in the...

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Unformatted text preview: Tindall/Shi Ch. 28 Tindall/Shi America in the Great Depression Copyright: W.C. Nicholson, Ph.D. Kennesaw State University The Depression in Numbers The 25% unemployment (13 million) 500,000 lost homes/farms between 1929­1932 1000s of bank/business failures; 200/day by 1932 Millions lost life’s savings Wages/hours drastically cut Millions jobless, homeless, penniless Rise of soup kitchens, “hobos,” and totalitarian regimes Hoover’s Efforts at Recovery Hoover’s Urged voluntary cooperation of businesses to: – – – stay open not to cut wages/hours spread around work Tried to restore public confidence in speeches Created federal projects (e.g. Hoover Dam) Cut taxes; lowered interest rates; encouraged spending Put moratorium on war reparations Created the R.F.C.; Federal Farm Board Passed Glass­Steagall Act; Federal Home Loan Bank Act Hoover Dam Today Hoover Hoover’s Efforts at Recovery (con’t) Hoover’s By 1932, Depression getting worse Hoover paralyzed, despondent Farmers/veterans in revolt Bonus Expeditionary Force Bonus Expeditionary Force Bonus From Hoover to FDR From Election of 1932 FDR’s background The Three “Rs” The Recovery The Hundred Days (March 6 – June 16, 1933) FDR put force of law behind recovery efforts The Hundred Days The The Three “Rs” (con’t) The – Bank Recovery Emergency Banking Relief Act (1933) Bank holiday FDIC/HOLC/SEC U.S. off gold standard The Three “Rs” (con’t) The – Farm Recovery Agricultural Adjustment Act (AAA) create scarcity to increase commodity prices controversial program, but worked soil conservation The Three “Rs” (con’t) The – Industrial/Business Recovery National Industrial Recovery Act (NIRA) est. NRA set wages/hours/prices est. 40­hour workweek controlled competition ended child labor est labor standards enforced compulsory codes moderately successful but struck down by Supreme Court as unconstitutional federal interference in intrastate commerce The Three “Rs” (con’t) The Relief – Federal Emergency Relief Act (FERA) Federal assistance to states – Civilian Works Administration (CWA) hugely successful, but spent over $1billion in 4 mos!! – Works Progress Administration (WPA) 1935­1943 employed 3 million est. Federal Theatre/Art/Music/Writers’ Projects The Three “Rs” (con’t) The – Civilian Conservation Corps (CCC) employed another 3 million – Tennessee Valley Authority/Rural Electrification Administration (TVA/REA) May 1933 provide relief to rural Appalachia controversial but successful The Three “Rs” (con’t) The Reform – National Labor Relations Act (Wagner Act) 1935 worker right to bargain – Social Security Act (1935) est pensions, unemployment insurance, other social welfare programs – Revenue (“Soak the Rich”) Act of 1935 raised taxes on higher incomes & corps est estate/gift/luxury taxes Second New Deal Second 1936 Election Challengers to FDR – Huey P. Long (Louisiana) Share the Wealth Program assassinated – Francis E. Townsend Huey P. Long $200/mo to all retired over age 60 if spent every month – Charles Coughlin National Union for Social Justice free coinage of silver Anti­Semitic – FDR won by landslide Fr. Charles Coughlin Second New Deal (con’t) Second Role of Eleanor – – – Friend to the poor, African­Americans, & women An activist/agitator/speaker/writer Huge asset to FDR Court Packing Scheme (1937) Labor – est CIO, UAW, United Steelworkers – huge increase in union membership during 30s Second New Deal (con’t) Second 1937 Recession – FDR scales back the New Deal – collected $2 billion in SS taxes – reduced gov’t spending – stock market declined 40% – 2 million thrown out of work – savers v. spenders Other Reforms Legacy of the New Deal Legacy Did the New Deal work? FDR’s popularity dropped 1937­1941 Resentment by conservation Southern coalition in Congress over FDR’s support of organized labor & appointment of African­Americans to gov’t positions Poor Democratic showing in 1938 mid­term elections Accusations that New Deal socialistic Legacy of the New Deal (con’t) Legacy Enduring Changes – size/scope of gov’t increased – renewal of public confidence in gov’t – more activist gov’t – est of minimum standards – creation of welfare state – increased regulatory power of gov’t – huge federal deficits – impact of W.W. II ...
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