Objective 5.7- Legacy of the New Deal

Objective 5.7- Legacy of the New Deal


undoubtedly Franklin Roosevelt’s New
Deal fundamentally changed America more than any other set of policies in
American history while that pulled the country out of economic collapse the New
Deal did not end the oppression however the New Deal programs put people back to
work gave people hope and stimulated economic growth because of the New Deal
the government had assumed greater responsibility for the well-being of its
citizens citizens are no longer on their own in times of crisis the government is
more active in creating jobs when firms simply can’t people can trust that the
government can act when the economy fails today we’re gonna look at several
ways that the New Deal had a lasting impact on America the first lasting
legacy of the New Deal is Franklin Delano Roosevelt himself Franklin
Roosevelt was America’s friend and leader the rose who had no hope
FDR became a beloved hero and a friend most americans wanted their government
to try something to help them and FDR delivered he provided direct relief jobs
hope and self-respect to the downtrodden ironically most americans who couldn’t
stand for themselves didn’t know that their friend and leader himself could
not walk stricken by polio at an early age
FDR lost the use of his legs and needed leg braces to walk and a wheelchair to
get around Americans had no idea until after his
death that the man who got them back on their feet could not stand on his own
himself the media and the White House had an unwritten rule that reporters
would not show FDR either in his wheelchair or walking with leg braces as
to protect his image with the American people this proved vital to the
confidence that the American people had in Roosevelt even cartoons of Roosevelt
like the one seen here showed him using his legs like a normal person but this
all didn’t matter it was the care and compassion that FDR
showed as America’s leader during the Depression that made him an enduring
figure in the hearts of Americans as a cotton mill worker who was helped by the
New Deal once said I do think that Roosevelt is the biggest hearted man we
have ever had in the White House the next legacy of the New Deal his FDR’s
wife herself Eleanor Roosevelt Eleanor Roosevelt revolutionized the role of
first lady she became deeply involved in her husband’s presidency setting a
precedent for day ellinor traveled the country for FDR
reporting back on the conditions of the Great Depression and the effects of the
New Deal she advocated for women kids and minorities and urged him to take a
stand on tough issues her advice helped lead to the appointment of the first
woman cabinet member of Frances Perkins as Secretary of Labor more popular at
times in FDR her legacy is of action and humanitarianism the third legacy of the
New Deal is deficit spending deficit spending is when the government spends
more money than it brings in in tax revenue the US has always spent in
deficit but deficit spending has increased since the New Deal programs
FDR hated deficit spending but to him it was a necessary evil that had to be used
in order to revive the economy during the New Deal years the government spent
to create jobs which ideally would be paid for in taxes on new income earned
by workers while deficit spending does increase the national debt this graph
shows that the increases in deficit spending during the New Deal years
ultimately led to creation of more jobs and a decrease in the unemployment rate
several modern presidents have spent and deficit in order to spur economic
recovery Ronald Reagan George W Bush and Barack Obama have all used fiscal
stimulus plans in order to spur economic recovery in times of economic recession
and have spent in deficit to do so the next legacy of the New Deal is financial
regulation many New Deal programs protect your money and investments today
today the FDIC ensures any money in the bank and provides peace of mind if banks
were to collapse today you would get your money back through the federal
government in addition the SEC police’s the stock market so it’s a fair game
when you invest in the market it’s not rigged against you and you’re not
cheated in 2004 the SEC investigated Martha Stewart for insider trading she
was arrested and thrown in jail this is just one example but the SEC does to
protect investors another example is in 1999 the glass-steagall Act was repealed
without its oversight of banks and financial institutions the financial
sector collapsed within eight years the fifth lasting legacy of the New Deal is
the New Deal coalition FDR’s policies led to the creation of the New Deal
coalition in the 1930s this group included southern whites a
Americans and labor unions who supported New Deal programs because of FDR in the
New Deal the Democratic Party became the champion of these groups and their
causes except for southern whites who predominantly vote Republican today this
group which has now made up of labor unions and minorities solidly vote for
Democratic candidates today even some modern prominent Republicans began as
supporters of the New Deal for example Ronald Reagan was a New Deal
Democrat until the turmoil the 1960s drove him away towards the Republican
Party the final and perhaps the biggest legacy of FDR’s New Deal was a Social
Security system in the Social Security system workers pay into a trust fund
monthly that pays out to retirees over 65 years old
Social Security has been a part of every retirement plan for 70 years it has
allowed the elderly to retire easier and help the unemployed survive daily
however Social Security has become the largest government expenditure in the
federal budget the number of retirees is exceeding the number of contributors and
over the years the government has borrowed from a social security fund in
order to pay for other government programs this has caused its funds to
run low and his future is in danger the New Deal fundamentally changed the way
that Americans thought about their government and the role of government in
Americans lives before the New Deal government took more of a hands-off
approach to the economy but the New Deal was a turning point
every time you deposit your money in a bank and every time you use your social
security number and every time you drive over a bridge or a road that was
constructed during the New Deal you are experiencing the change in government’s
role in American society here itself

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