Before Roosevelt and his innovation of the New Deal, America was in absolute chaos. Compared to many of the countries in Europe, America did not feel the burden of WWI. In fact, she prospered greatly, lending money to many nations. However, that good fortune ended abruptly, beginning with Black Tuesday and worsening when the banks went bankrupt and closed, taking along much the the citizens’ money. The current president at the time, Herbert Hoover did nearly nothing, trying to adhere the the laissez-faire economic policy that the US had followed prior. Knowing better, Franklin D. Roosevelt threw the federal government into healing America, forming his different plans into a cohesive New Deal. Despite the fact that the New Deal did not end the
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Up until 1929, America’s GNP rested around $100 billion. However, in 1933, during the height of the Great Depression and near the end of Hoover’s presidency, the GNP decreased by nearly half, to $55 billion. Nevertheless, by the end of the Roosevelt’s New Deal and the beginning of WWII, the GNP rose back up to $85 billion, an astronomical increase considering what Roosevelt had to heal (Trueman). Some intellectuals who deny the success of the New Deal point to the year of 1928, when the economy recessed, commonly called the Roosevelt Recession. They claim that if the New Deal was entirely successful, then that huge recession should not have occurred. However, these critics fail to address the reasons why the economy dropped during that time. After constantly spending and printing money to help the economy recovery, Roosevelt underwent some doubt in his methods. He feared inflation and the huge federal deficit, so when the New Deal administration advocated cutting down federal spending, Roosevelt supported it. Clearly, the results proved disastrous, the economy taking another sharp turn. Fortunately, as soon as Roosevelt realized his mistake, he acted quickly in reviving the economy, and proved successful (Woolner). Essentially, while the economy did plummet sharply during 1938, the New Deal itself and the programs within it did not fail. It was the administration and Roosevelt 's initial oversight that caused the recession. If anything, the New Deal helped the economy quickly recovery after the Roosevelt Recession, proving its success. In addition, during the decade of the Great Depression, the average GNP did increase exponentially, showing that the New Deal did succeed overall in helping to heal the
Up until 1929, America’s GNP rested around $100 billion. However, in 1933, during the height of the Great Depression and near the end of Hoover’s presidency, the GNP decreased by nearly half, to $55 billion. Nevertheless, by the end of the Roosevelt’s New Deal and the beginning of WWII, the GNP rose back up to $85 billion, an astronomical increase considering what Roosevelt had to heal (Trueman). Some intellectuals who deny the success of the New Deal point to the year of 1928, when the economy recessed, commonly called the Roosevelt Recession. They claim that if the New Deal was entirely successful, then that huge recession should not have occurred. However, these critics fail to address the reasons why the economy dropped during that time. After constantly spending and printing money to help the economy recovery, Roosevelt underwent some doubt in his methods. He feared inflation and the huge federal deficit, so when the New Deal administration advocated cutting down federal spending, Roosevelt supported it. Clearly, the results proved disastrous, the economy taking another sharp turn. Fortunately, as soon as Roosevelt realized his mistake, he acted quickly in reviving the economy, and proved successful (Woolner). Essentially, while the economy did plummet sharply during 1938, the New Deal itself and the programs within it did not fail. It was the administration and Roosevelt 's initial oversight that caused the recession. If anything, the New Deal helped the economy quickly recovery after the Roosevelt Recession, proving its success. In addition, during the decade of the Great Depression, the average GNP did increase exponentially, showing that the New Deal did succeed overall in helping to heal the