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Franklin Delano Roosevelt, often referred to by his initials FDR, was an American politician and attorney who served as the 32nd president of the United States from 1933 until his death in 1945. A member of the Democratic Party, he won a record four presidential elections and became a central figure in world events during the first half of the 20th century. Roosevelt directed the federal government during most of the Great Depression, implementing his New Deal domestic agenda in response to the worst economic crisis in U.S. history. As a dominant leader of his party, he built the New Deal Coalition, which defined modern liberalism in the United States throughout the middle third of the 20th century. His third and fourth terms were dominated by World War II, which ended shortly after he died in office.
Reaganomics, or Reaganism, refers to the neoliberal economic policies promoted by U.S. President Ronald Reagan during the 1980s. These policies are commonly associated with and characterized as supply-side economics, trickle-down economics, or voodoo economics by opponents, while Reagan and his advocates preferred to call it free-market economics.
The Agricultural Adjustment Act (AAA) was a United States federal law of the New Deal era designed to boost agricultural prices by reducing surpluses. The government bought livestock for slaughter and paid farmers subsidies not to plant on part of their land. The money for these subsidies was generated through an exclusive tax on companies which processed farm products. The Act created a new agency, the Agricultural Adjustment Administration, an agency of the U.S. Department of Agriculture, to oversee the distribution of the subsidies. The Agriculture Marketing Act, which established the Federal Farm Board in 1929, was seen as an important precursor to this act. The AAA, along with other New Deal programs, represented the federal government's first substantial effort to address economic welfare in the United States.
The Economic Recovery Tax Act of 1981 (ERTA), or Kemp-Roth Tax Cut, was an Act that introduced a major tax cut, which was designed to encourage economic growth. The federal law enacted by the 97th US Congress and signed into law by US President Ronald Reagan. The Accelerated Cost Recovery System (ACRS) was a major component of the Act and was amended in 1986 to become the Modified Accelerated Cost Recovery System (MACRS).
The history of the United States from 1918 through 1945 covers the post-World War I era, the Great Depression, and World War II. After World War I, the U.S. rejected the Treaty of Versailles and did not join the League of Nations.
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Henry Morgenthau, Jr. was the United States Secretary of the Treasury during most of the administration of Franklin D. Roosevelt. He played a major role in designing and financing the New Deal. After 1937, while still in charge of the Treasury, he played the central role in financing United States participation in World War II. He also played an increasingly major role in shaping foreign policy, especially with respect to Lend-Lease, support for China, helping Jewish refugees, and proposing to prevent Germany from again being a military threat.
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Fiscal policy is considered any changes the government makes to the national budget in order to influence a nation's economy. The approach to economic policy in the United States was rather laissez-faire until the Great Depression. The government tried to stay away from economic matters as much as possible and hoped that a balanced budget would be maintained. Prior to the Great Depression, the economy did have economic downturns and some were quite severe. However, the economy tended to self-correct so the laissez faire approach to the economy tended to work.
Fiscal conservatism is a political and economic philosophy regarding fiscal policy and fiscal responsibility with an ideological basis in capitalism, individualism, limited government, and laissez-faire economics. Fiscal conservatives advocate tax cuts, reduced government spending, free markets, deregulation, privatization, free trade, and minimal government debt. Fiscal conservatism follows the same philosophical outlook of classical liberalism.
The Second New Deal is a term used by historians to characterize the second stage, 1935–36, of the New Deal programs of President Franklin D. Roosevelt. In his address to Congress in January 1935, Roosevelt called for five major goals: improved use of national resources, security against old age, unemployment and illness, and slum clearance, national work relief program to replace direct relief efforts. It included programs to redistribute wealth, income, and power in favor of the poor, the old, farmers and labor unions. The most important programs included Social Security, the National Labor Relations Act, the Banking Act of 1935, rural electrification, and breaking up utility holding companies. The Undistributed profits tax was only short-lived. Liberals in Congress passed the Bonus Bill of $1.5 million to 3 million World War veterans over FDR's veto. Liberals strongly supported the new direction, and formed the New Deal Coalition of union members, big city machines, the white South, and ethnic minorities to support it; and conservatives—typified by the American Liberty League—were strongly opposed. Few liberal programs were enacted after 1936; liberals generally lost control of Congress in 1938. Programs continued for a while. Many were ended during World War II because unemployment was no longer a problem. These included the WPA, NYA and the Resettlement Administration. Social Security and the Wagner Act, however, did survive.
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The Emergency Economic Stabilization Act of 2008, often called the "bank bailout of 2008", was proposed by Treasury Secretary Henry Paulson, passed by the 110th United States Congress, and signed into law by President George W. Bush. The act became law as part of Public Law 110-343 on October 3, 2008, in the midst of the financial crisis of 2007–2008. The law created the $700 billion Troubled Asset Relief Program (TARP) to purchase toxic assets from banks. The funds for purchase of distressed assets were mostly redirected to inject capital into banks and other financial institutions while the Treasury continued to examine the usefulness of targeted asset purchases.
The first term of the presidency of Franklin D. Roosevelt began on March 4, 1933, when he was inaugurated as the 32nd president of the United States, and the second term of his presidency ended on January 20, 1941, with his inauguration to a third term. Roosevelt, the Democratic governor of the largest state, New York, took office after defeating incumbent President Herbert Hoover, his Republican opponent in the 1932 presidential election. Roosevelt led the implementation of the New Deal, a series of programs designed to provide relief, recovery, and reform to Americans and the American economy during the Great Depression. He also presided over a realignment that made his New Deal Coalition of labor unions, big city machines, white ethnics, African Americans, and rural white Southerners dominant in national politics until the 1960s and defined modern American liberalism.
References
- ↑ David M. Kennedy, Freedom From Fear, The American People in Depression and War 1929 – 1945, Oxford University Press, 1999, ISBN 0-19-503834-7, p. 280
- ↑ Benjamin Graham. Security Analysis: The Classic 1940 Edition. McGraw-Hill Professional, 2002. pp. 386–287
- Buehler, Alfred G. The Undistributed Profits Tax (1938)