Fdr's Contribution To The Great Depression
FDR was a leader for his time. He deserves credit for navigating the U.S. through the depths of the Great Depression of the 1930’s. According to FDR,what he realized was that the Government needed to be a positive actor in stimulating opportunities where there were none. His actions brought relief to the country and helped reformed the U.S. economic system for decades to come. He did this against the reflexive instincts of the opposition conservatives. The traditional view of economic cycles was that ‘boom and bust’ were simply realities that needed to be accepted. The famous exchange when told by the conservatives that the economy “will work itself out in the long run”, the famous reply was, “People don’t eat in the long run, they eat every day.”.
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His administration was responsible for the Glass-Steagall Act that forced banks to divest, or separate, from securities operations, commercial banking and investment management (note the Glass-Steagall Act was repealed in 1999 and was a major cause for the major recession of 2008 and also was one of the main issues that contributed to the Great Depression). FDR implemented the FDIC to re-instill confidence in the banks. He moved the U.S. of the Gold Standard to help stop price deflation.
He put people back to work. The WPA employed about 8.5 million Americans over its seven-year history. The Rural Electrification Program provided loans to local cooperatives that took electricity to 90 percent of rural homes by 1939. The TVA (Tennessee Valley Authority) brought jobs and electric power to seven states. The very popular CCC addressed the problem of jobless young men. This work gave them pride in themselves and their country. Their projects changed the landscape of America over duration of the program.
The Social Security Act of 1935 assured retirees a pension and benefits for the unemployed and is still with us
His administration was responsible for the Glass-Steagall Act that forced banks to divest, or separate, from securities operations, commercial banking and investment management (note the Glass-Steagall Act was repealed in 1999 and was a major cause for the major recession of 2008 and also was one of the main issues that contributed to the Great Depression). FDR implemented the FDIC to re-instill confidence in the banks. He moved the U.S. of the Gold Standard to help stop price deflation.
He put people back to work. The WPA employed about 8.5 million Americans over its seven-year history. The Rural Electrification Program provided loans to local cooperatives that took electricity to 90 percent of rural homes by 1939. The TVA (Tennessee Valley Authority) brought jobs and electric power to seven states. The very popular CCC addressed the problem of jobless young men. This work gave them pride in themselves and their country. Their projects changed the landscape of America over duration of the program.
The Social Security Act of 1935 assured retirees a pension and benefits for the unemployed and is still with us