US HISTORY: SPICONARDI Criticisms of the New Deal.
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Transcript of US HISTORY: SPICONARDI Criticisms of the New Deal.
US HISTORY: SPICONARDI
Criticisms of the New Deal
Conservatives Criticism
Taxes too highToo much government
regulation/interference Who is the government to control agricultural
production? Who is the government to set prices and wages?
Destroying self-reliance and individual initiative
Conservative Criticism
Deficit spending was out of control Deficit
spending When the government spends more than it earns
Liberals Criticism
Huey Long Gov. of Louisiana (later Senator of L.A.) Proclaimed: “Every Man a king, but No One Wears a
Crown.” Believed wealth had to be redistributed
"God called: 'Come to my feast.' But what had happened? Rockefeller, Morgan, and their crowd stepped up and took enough for 120,000,000 people and left only enough for 5,000,000 for all the other 125,000,000 to eat. And so many millions must go hungry."
Liberal Criticism
Share our Wealth Society Long proposed a new
progressive tax code All wealth greater than $1
million dollars would be taxed 2nd million at 1 percent 3rd million at 2 percent 4th million at 4 percent 5th million at 8 percent 6th million at 16 percent 7th million at 32 percent 8th million at 64 percent All additional wealth at
100 percent
Money from capital taxes would be used for a Homestead
allowance of $5,000• An allowance to
protect a household, if the owner died with a large amount of debt
Annual income of $2,000
Fr. Coughlin
Roman Catholic priest whose weekly radio program attacked Roosevelt and the New Deal Believed Roosevelt catered to Wall
Street Anti-capitalist, but also anti-
communist Believed Wall Street and communism
were the “twin faces” of Satan Blamed the Great Depression on the
“international conspiracy of Jewish bankers”
Did the New Deal Work?
Did the New Deal Work?
Did the New Deal Work?
1944
1941
1935-1936
1929
0% 20% 40% 60% 80% 100%
Poorest FifthPoorest Two-FifthsSecond Poorest FifthFifthMiddle FifthSecond Wealthiest FifthWealthiest FifthWealthiest 5 Percent
Distribution of Total Family Income in U.S. 1929- 1944
Did the New Deal Work?
29 31 33 35 37 39 410
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Business Failures
Business Failures
Did the New Deal Work?
29 31 33 35 37 39 410
5001,0001,5002,0002,5003,0003,5004,0004,500
Bank Failures
Bank Failures
Did the New Deal work?
29 30 31 32 33 34 35 36 37 38 39 40 410
10
20
30
40
50
60
70
Wages & Salaries
Wages & Salaries D
oll
ars
(B
illi
on
s)
Did the New Deal work?
293031323334353637383940410
10
20
30
40
50
60
70
Farm Prices
Farm PricesPri
ces
rece
ived
by
Farm
ers
(1
967 =
100
)