What Programs Were Developed During the Depression Era That Assisted to Revive the Economy?

Question by towwwdothello: What programs were developed during the Depression era that assisted to revive the economy?

Best answer:

Answer by Bob H
Civilian Conservation Corps. Of course if the gov tried something that worked that well today, O’Reilly and his imbecile listeners would scream “Liberal Socialist Commie plot”.

Answer by Martin G
Originally none except the RFC or Reconstruction Finance Corp. which basically gave low interest loans to municipalities, railroads and corporations. President Herbert Hoover and his advisors were initially of the opinion that the “depression” was an aberration, a correction in the market that would straighten itself out if left alone. He and his administration believed that direct government intervention in the form of aid or more “home relief” to the people would only make things worse; not only economically but socially.

The RFC program was controversial because the average person suffering the direct affects of the depression were not being aided directly. The big businesses who many people blamed for the economic mess were seen as being rewarded by the low rate loans and grants.

Franklin Roosevelt, upon becoming President took what were considered then to be some extreme steps, calling his approach the “New Deal” among them: The NRA or National Recovery Act, which attempted to regulate wages and prices, the CCC, Civilian Conservation Corps, which were camps for civil projects, such as road building, national park design and construction and projects of that nature. The WPA, Works Progress Administration, while building buildings, roads, and other infrastructure projects such as housing projects, had other aspects to it. Some portions of the WPA might be loosely compared to today’s work fare type program. While CCC employees, very often young family men went off to work where needed, generally the WPA consisted of what were controversially called make work projects closer to home. It was the Roosevelt administration’s way of getting money into people’s pocket and the economy while not giving a “free handout” which was seen as a corrupting influence.

Many programs or their particular aspects faced court challenges in the Federal Courts. Some successful.

Three main areas that were permanently influenced by depression era federal programs were: Banks which were required to participate with the newly formed FDIC, or Federal Deposit Insurance Corporation, which guaranteed the bank accounts of depositors up to an established minimum amount; The SEC, Securities and Exchange Commission, which regulated the stock market, its practices, brokerage houses, and traders; and most famously and probably most importantly; The Social Security Administration, which set as a goal creating retirement accounts for all working Americans.

Martin Griffin
SirGrifflet@yahoo.com


 

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