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The global economic crisis of 1929-1933 has hit the U.S. with a particular force. It has sharply reduced the volume of production, which led to the breakdown of finances, caused widespread destruction and bankruptcy of industrial, commercial, and financial firms, not to mention mass unemployment. The total output of American industry in 1932, was only about 54%, compared to the pre-crisis, in 1929. The years of the crisis-affected one-fifth of all U.S. banks, every third worker was denied employment. Hundreds of thousands of farms were forcibly sold for non-payment of debts and taxes. America was in a pre-revolutionary situation and required radical change of the old way of life (Means 2013).
Roosevelt, the newly elected president, made a promise to the people to change the world. It was a statement that defined his presidency. With the close support of his advisers, who were nicknamed “The Brain Trust”, he conducted a thorough preparation of a positive social program, which included the actions of reforming the administrative and judicial authorities, issues of economic planning and legislative regulation of the economy. The set of anti-crisis measures for state regulation for the American economy during Roosevelt’s administration was called the “New Deal”. The main reforms have been carried out during the first “hundred days” of the presidency. Congress passed a large number of laws covering all aspects of social, economic and political life, which became crucial to society. The meaning of the policy of “New Deal” was described by Roosevelt in a speech to the voters, as elements of economic planning for a “more equitable distribution of wealth and goods and supplies, the essential elements of economic organization to the needs of the people” (Means 2013).
To combat the main problem—unemployment, as well as to improve the material conditions of the population, the New Deal has taken the following measures: direct aid to the unemployed, the introduction of unemployment insurance and public works. Since May 12, 1933, about 0.5 billion, was spent towards unemployment, provision of jobs and change of policies. Most of the unemployed receiving benefits, preferred public works. Based on recommendations of the NIRA, Public Works Administration (PWA) was established. The total amount of work performed by its projects was supported by 3.3 billion dollars. For political reasons, the Government paid special attention to the increase in employment among young people. In the spring of 1933, there were special camps created that provided the most necessities for the people. The first camp for unemployed youth established during 1933-1939, has taken about 2 million people under the age of 25 years. There was full support and provision for the whole duration of the stay. The law also stated that only men were able to take up the positions but this law was changed. The single women needed just as much support and so, by 1935, the administration started helping single mothers, as they needed much more help than the families who could have both parents working. To reduce social tension, it has been decided to organize a simple public work, not requiring significant capital expenditures. This took place in the winter of 1933-1934. These measures, in addition to their direct purpose, stimulated purchasing capacity, implementing inflationary mechanisms of the American economy. The measures have taken a positive impact on unemployment; by 1937 it had dropped to 7.7 million people. However, as a result of the second wave of the economic crisis that occurred in 1938, the number of unemployed increased again to 10.4 million. Measures to combat the crisis in agriculture, due to the fall of prices for the products, were reflected in the Bill of assistance to farmers, signed by Franklin D. Roosevelt, on 05/12/1933. Its main part was a law on the regulation of agriculture. The program was called the Recovery Administration Agriculture. The main task was associated with the rise in the relative price level of agricultural products; the corresponding pre-crisis level, as such, was taken in summer 1914. The fall in prices of agricultural products in 1934 was about 58% (Schlesinger 2003).
The “New Deal” of Roosevelt had, as we see, both positive and negative sides. The economy was restored. The construction of new factories helped people get away from unemployment. A new system of insurance provided more secure and reliable job placement and stability in the economy. The common man has become part of America’s economic pyramid. But in connection with the increasing prices of food and clothing there appeared a deficit. Not everyone could afford to diversify and provide what was needed for the families. But despite this unemployment and economic ruin, the problems were defeated by the second term of Roosevelt. He created the foundation of America’s economic might. No doubt a great politician Roosevelt and his “New Deal” played a significant and positive role in the life of every American.
Roosevelt was a great politician who was able to determine what people needed and what steps must be taken to provide the most opportunities and change for society.
Reference
Means, Bernard. Shovel Ready: Archaeology and Roosevelt’s New Deal for America. Alabama: University of Alabama Press, 2013.
Schlesinger, Arthur. The Coming of the New Deal. 1933-1935. New York: Houghton Mifflin Harcourt, 2003.
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