Close to another Great Depression?
- Thread starter SarahFair
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The New Deal was basically stimulus dollars going into government projects... found here: http://iws.ccccd.edu/kwilkison/Online1302home/20th%20Century/DepressionNewDeal.html
The "second" New Deal (1935-40s) aimed at restoring the economy from the bottom up
The "second" New Deal attempted to end the Depression by spending at the bottom of the economy where government funds attempted to turn non-consumers into consumers again. Many of the programs lasted only until World War II while others became permanent fixtures in American life. Here are three to illustrate the central thrust of the second New Deal. The Works Progress Administration was a huge federal jobs program that sought to hire unemployed breadwinners for the purpose strengthening their family's well-being as well as boosting consumer demand. The jobs varied but consisted of mainly of construction of public roads, buildings and parks. Over the course of its life (1935-43) over eight million Americans worked on WPA projects. This was "counter-cyclical demand management" on a huge scale.
Responding in part to "Townsendites," the 1935 Social Security Act set up a modest worker-funded but federally-guaranteed pension system. Not on the princely scale Townsend had advocated, nevertheless, Social Security did act as a safety net for older workers, promote increased consumer demand and earned a place as a fixture on the American political and social landscape.
Finally, another significant component of the "second" New Deal was the National Labor Relations Act of 1935. Usually called the Wagner Act after its sponsor, Senator Robert Wagner of New York, this law attempted to prevent employers' use of intimidation and coercion in breaking up unions. It set up the National Labor Relations Board to guarantee the right of collective bargaining for American workers. The results were immediately discernable: the formation of the Congress of Industrial Organizations whose auto worker and coal miner units soon saw their wages increase significantly. Again, higher wages among the masses of the working class is an example of the "second" New Deal's attempt to restore the economy from the bottom up.
Then we had the war and we do not really know if the New Deal would have pulled us out of the depression, but it certainly relieved a lot of suffering.
The "second" New Deal (1935-40s) aimed at restoring the economy from the bottom up
The "second" New Deal attempted to end the Depression by spending at the bottom of the economy where government funds attempted to turn non-consumers into consumers again. Many of the programs lasted only until World War II while others became permanent fixtures in American life. Here are three to illustrate the central thrust of the second New Deal. The Works Progress Administration was a huge federal jobs program that sought to hire unemployed breadwinners for the purpose strengthening their family's well-being as well as boosting consumer demand. The jobs varied but consisted of mainly of construction of public roads, buildings and parks. Over the course of its life (1935-43) over eight million Americans worked on WPA projects. This was "counter-cyclical demand management" on a huge scale.
Responding in part to "Townsendites," the 1935 Social Security Act set up a modest worker-funded but federally-guaranteed pension system. Not on the princely scale Townsend had advocated, nevertheless, Social Security did act as a safety net for older workers, promote increased consumer demand and earned a place as a fixture on the American political and social landscape.
Finally, another significant component of the "second" New Deal was the National Labor Relations Act of 1935. Usually called the Wagner Act after its sponsor, Senator Robert Wagner of New York, this law attempted to prevent employers' use of intimidation and coercion in breaking up unions. It set up the National Labor Relations Board to guarantee the right of collective bargaining for American workers. The results were immediately discernable: the formation of the Congress of Industrial Organizations whose auto worker and coal miner units soon saw their wages increase significantly. Again, higher wages among the masses of the working class is an example of the "second" New Deal's attempt to restore the economy from the bottom up.
Then we had the war and we do not really know if the New Deal would have pulled us out of the depression, but it certainly relieved a lot of suffering.
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So what would happen if we cut out credit cards 100%?
What would happen in a few years and in further future?
What would happen in a few years and in further future?
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You have a good point there. I think this is some of the logic behind green jobs and converting factories to produce affordable turbines, solar panels and the like. The initial investment is big- but if we get it right, the US could lead the world in green technology & create tons of jobs.
You have a good point there. I think this is some of the logic behind green jobs and converting factories to produce affordable turbines, solar panels and the like. The initial investment is big- but if we get it right, the US could lead the world in green technology & create tons of jobs.
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Housing foreclosures aren't helping matters any, though, and with the job market still a mess....
I had a great job, bought a house in June, and lost my job in September. Can't get the first-time homebuyer credit for another 12-16 weeks (processing amendments to returns takes a while, apparently... I should have waited for my 2009 return), so I'm already staring foreclosure down as my meager savings are dwindling, and there are no real job prospects on the horizon. My career industry isn't hiring at all, and my resume/experience is too career-oriented for a "lesser" job to hire me because they're afraid I'll leave for a "better" job.
Sorry... don't know if this is depression-related (beyond my mental state), but I needed to rant a bit. As far as I can see, the housing market for independent buyers (not developers) isn't going to improve overmuch if the job market doesn't follow suit quickly. Very quickly.
Housing foreclosures aren't helping matters any, though, and with the job market still a mess....
I had a great job, bought a house in June, and lost my job in September. Can't get the first-time homebuyer credit for another 12-16 weeks (processing amendments to returns takes a while, apparently... I should have waited for my 2009 return), so I'm already staring foreclosure down as my meager savings are dwindling, and there are no real job prospects on the horizon. My career industry isn't hiring at all, and my resume/experience is too career-oriented for a "lesser" job to hire me because they're afraid I'll leave for a "better" job.
Sorry... don't know if this is depression-related (beyond my mental state), but I needed to rant a bit. As far as I can see, the housing market for independent buyers (not developers) isn't going to improve overmuch if the job market doesn't follow suit quickly. Very quickly.
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FDR and Truman were presidents during the war and the depression. Hoover was another Great Depression president, and didn't do anything to help it. It was a while before Daddy Bush came into office
However Elder Bush was a soldier as well.
FDR was also responsible for creating jobs at home, sending men to beautify parks, making highways, etc. The Depression occured in 1929 and it had a lasting effect which FDR wanted to change things for the better. He probably was not well liked but people had jobs, he created Social Security benefits and other good things for the people. Also the job positions were plentiful because the soldiers overseas have lost their lives. The numbers of soldiers were huge but nothing like the Civil War which so many men died in both sides outnumbered the losses of WWII soldiers. Imagine how the families and widowers were left to defend themselves when Lincoln didn't do anything to assist them until FDR came in the picture. For those CW widowers, the number of women outdid the number of men and for those who had survived the war came back broke, lost their farms and livehoods and their families moving in with the inlaws or close siblings of families. The widowers had to remarry quickly in order to save her deceased husband's farm if she wanted to keep it for her sake and her family. Now that is real depression during that time and jobs were scarce for a while because the plantation farms had to either pay the slaves for their wages or let them go. It was a very very tough life for them. Confederate dollars were worth nothing while the currency of Union or US money was like gold. It was not too long after that, the lands out in KS or Indian territories in certain areas were free for grabs as long they stay on the farm, toll their living for five years. Many of them went westward to find better money and many of them died or went broke trying to find land or gold.
We humans are funny beings. If our ancestors can survive this, so can we!
FDR and Truman were presidents during the war and the depression. Hoover was another Great Depression president, and didn't do anything to help it. It was a while before Daddy Bush came into office
FDR was also responsible for creating jobs at home, sending men to beautify parks, making highways, etc. The Depression occured in 1929 and it had a lasting effect which FDR wanted to change things for the better. He probably was not well liked but people had jobs, he created Social Security benefits and other good things for the people. Also the job positions were plentiful because the soldiers overseas have lost their lives. The numbers of soldiers were huge but nothing like the Civil War which so many men died in both sides outnumbered the losses of WWII soldiers. Imagine how the families and widowers were left to defend themselves when Lincoln didn't do anything to assist them until FDR came in the picture. For those CW widowers, the number of women outdid the number of men and for those who had survived the war came back broke, lost their farms and livehoods and their families moving in with the inlaws or close siblings of families. The widowers had to remarry quickly in order to save her deceased husband's farm if she wanted to keep it for her sake and her family. Now that is real depression during that time and jobs were scarce for a while because the plantation farms had to either pay the slaves for their wages or let them go. It was a very very tough life for them. Confederate dollars were worth nothing while the currency of Union or US money was like gold. It was not too long after that, the lands out in KS or Indian territories in certain areas were free for grabs as long they stay on the farm, toll their living for five years. Many of them went westward to find better money and many of them died or went broke trying to find land or gold.
We humans are funny beings. If our ancestors can survive this, so can we!
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I would love to see the answer to that... whatever the answer may be.
I would love to see the answer to that... whatever the answer may be.
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I would LOVE to know about that one! I am sure the banks will fail or go broke.
I would LOVE to know about that one! I am sure the banks will fail or go broke.
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