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The New Deal Pros And Cons

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The Great Depression of October 29, 1929 mainly resulted from the hasty speculation of the investors, investing a grand total of 12,894,650 shares; surplus of stock led to its devaluation in terms of monetary value, coining the infamous “Black Thursday” on October 24. Five fateful days later, the debtedness of the investors, the industries’ sudden decision to decrease overproduction of their goods, resulting in high unemployment led to the beginning of the Great Depression. President Hoover, trying to ease the symptoms of the Great Depression, actually instituted a trade war with Europe when he signed the Smoot-Hawley Tariff Act, which increased taxes on imported stock. In 1932 President Hoover lost the election to President Roosevelt who competed under the slogan, “Happy Days Are Here Again.” President Roosevelt’s set of legislations to improve the United States’ economy and aid the unemployed was known as the New Deal; his aim was try different methods and if any one of the methods failed, he would admit his mistake and would replace that flawed method with another method.

The New Deal was split into two parts; the first one was distinctly known as “The First Hundred Days,” while the latter one was established in 1935. In whole, the New Deal was beneficial mainly in terms of social and economic …show more content…

One initiative Federal Emergency Relief Administration (FERA) provided states with federal grants to fund salaries public sector workers; not only that but the initiative also called for the start of local soup kitchens for those who can’t afford to pay for food. Along with FERA came Civilian Conservation Corps (CCC), which employed young men to work in the countryside for federal service; only bachelor males were eligible for this initiative. Public Works Administration (PWA) employed those who were still jobless for construction

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