He still has 3 million in dead money available. Unless they find a trade partner they will keep him, and they should. And how many teams at this point can trade for that cap number? Not many
Any player in Lynch's situation would want a new contract, but this very well could just be a veteran player skipping a useless minicamp. It happens fairly often. It's not even training camp. Even skipping some of training camp isn't a huge deal.
I realize he's reaching the point in his career where RBs start to really digress but has anyone seen enough of Michael to proclaim him the bonafide successor? I'd heard good things, but he was on the practice squad most of the year. The coaches didn't even trust him enough to give him carries. I hope he tears it up this year and it was just him getting used to the NFL but until I see it on the field, I'm not buying into the hype.
I realize he's reaching the point in his career where RBs start to really digress but has anyone seen enough of Michael to proclaim him the bonafide successor? I'd heard good things, but he was on the practice squad most of the year. The coaches didn't even trust him enough to give him carries. I hope he tears it up this year and it was just him getting used to the NFL but until I see it on the field, I'm not buying into the hype.
Lynch had more carries last year than Michael has in his last 4. He may have a lot of talent, but there is more that goes into it than that. I'm not selling the hype, but you also have to be realistic. Lynch is a perennial Pro Bowler and it's not because of his name either. He's been one of the most productive RB's in football the past 3 years. He also played a huge role in 2 playoff wins last season.
I realize he's reaching the point in his career where RBs start to really digress but has anyone seen enough of Michael to proclaim him the bonafide successor? I'd heard good things, but he was on the practice squad most of the year. The coaches didn't even trust him enough to give him carries. I hope he tears it up this year and it was just him getting used to the NFL but until I see it on the field, I'm not buying into the hype.
Nope this is your typical hook script. Talk about how amazing some player who hasn't played a snap is and then WDWHA the player who has brought you success.
New Deal From Wikipedia, the free encyclopedia This article is about the economic program. For other uses, see New Deal (disambiguation).
Top left: The Tennessee Valley Authority, part of the New Deal, being signed into law in 1933. Top right: President Roosevelt was responsible for initiatives and programs of the New Deal. Bottom: A public mural from one of the artists employed by the New Deal. Part of the Politics series on Progressivism Ideas Idea of Progress Scientific progress Social progress Economic development Technological change Linear history History Enlightenment Industrial revolution Modernity Politics portal v t e The New Deal was a series of domestic programs enacted in the United States between 1933 and 1936, and a few that came later. They included both laws passed by Congress as well as presidential executive orders during the first term (1933–37) of President Franklin D. Roosevelt. The programs were in response to the Great Depression, and focused on what historians call the "3 Rs": Relief, Recovery, and Reform. That is Relief for the unemployed and poor; Recovery of the economy to normal levels; and Reform of the financial system to prevent a repeat depression.[1]
The New Deal produced a political realignment, making the Democratic Party the majority (as well as the party that held the White House for seven out of nine Presidential terms from 1933 to 1969), with its base in liberal ideas, the white South, traditional Democrats, big city machines, and the newly empowered labor unions and ethnic minorities. The Republicans were split, with conservatives opposing the entire New Deal as an enemy of business and growth, and liberals accepting some of it and promising to make it more efficient. The realignment crystallized into the New Deal Coalition that dominated most presidential elections into the 1960s, while the opposition Conservative Coalition largely controlled Congress from 1937 to 1963. By 1936 the term "liberal" typically was used for supporters of the New Deal, and "conservative" for its opponents. From 1934 to 1938, Roosevelt was assisted in his endeavours by a "pro-spender" majority in Congress (drawn from two-party, competitive, non-machine, Progressive, and Left party districts). As noted by Alexander Hicks, "Roosevelt, backed by rare, non-Southern Democrat majorities—270 non-Southern Democrat representatives and 71 non-Southern Democrat senators—spelled Second New Deal reform."[2]
Many historians distinguish between a "First New Deal" (1933–34) and a "Second New Deal" (1935–38), with the second one more liberal and more controversial. The "First New Deal" (1933–34) dealt with diverse groups, from banking and railroads to industry and farming, all of which demanded help for economic survival. The Federal Emergency Relief Administration, for instance, provided $500 million for relief operations by states and cities, while the short-lived CWA (Civil Works Administration) gave localities money to operate make-work projects in 1933-34.[3]
The "Second New Deal" in 1935–38 included the Wagner Act to promote labor unions, the Works Progress Administration (WPA) relief program (which made the federal government by far the largest single employer in the nation),[4] the Social Security Act, and new programs to aid tenant farmers and migrant workers. The final major items of New Deal legislation were the creation of the United States Housing Authority and Farm Security Administration, both in 1937, and the Fair Labor Standards Act of 1938, which set maximum hours and minimum wages for most categories of workers.[5]
The economic downturn of 1937–38, and the bitter split between the AFL and CIO labor unions led to major Republican gains in Congress in 1938. Conservative Republicans and Democrats in Congress joined in the informal Conservative Coalition. By 1942–43 they shut down relief programs such as the WPA and CCC and blocked major liberal proposals. Roosevelt himself turned his attention to the war effort, and won reelection in 1940 and 1944. The Supreme Court declared the National Recovery Administration (NRA) and the first version of the Agricultural Adjustment Act (AAA) unconstitutional, however the AAA was rewritten and then upheld. As the first Republican president elected after FDR, Dwight D. Eisenhower (1953–61) left the New Deal largely intact, even expanding it in some areas.[6] In the 1960s, Lyndon B. Johnson's Great Society used the New Deal as inspiration for a dramatic expansion of liberal programs, which Republican Richard M. Nixon generally retained. After 1974, however, the call for deregulation of the economy gained bipartisan support.[7] The New Deal regulation of banking (Glass–Steagall Act) was suspended in the 1990s. Many New Deal programs remain active, with some still operating under the original names, including the Federal Deposit Insurance Corporation (FDIC), the Federal Crop Insurance Corporation (FCIC), the Federal Housing Administration (FHA), and the Tennessee Valley Authority (TVA). The largest programs still in existence today are the Social Security System and the Securities and Exchange Commission (SEC).
Contents [hide] 1 Origins 1.1 Economic collapse (1929–1933) 1.2 New Deal (1933–1938) 1.3 World comparisons 1.3.1 Europe 1.3.2 Canada and the Caribbean 1.3.3 Asia 1.3.4 Australia and New Zealand 2 First New Deal (1933–1934) 2.1 The First Hundred Days (1933) 2.1.1 Fiscal policy 2.1.2 Banking reform 2.1.3 Monetary reform 2.1.4 Securities regulation 2.1.5 Repeal of Prohibition 2.2 Relief 2.2.1 Public works 2.2.2 Farm and rural programs 2.3 Recovery 2.3.1 NRA "Blue Eagle" campaign 2.3.2 Housing Sector 2.4 Reform 2.4.1 Trade liberalization 2.4.2 Puerto Rico 3 Second New Deal (1935–1938) 3.1 Social Security Act 3.2 Labor relations 3.3 Works Progress Administration 3.4 Tax policy 3.5 Housing Act of 1937 4 Court-packing plan and jurisprudential shift 5 Recession of 1937 and recovery 6 World War II and full employment 7 Legacy 8 Historiography and evaluation of New Deal policies 8.1 Fiscal policy 8.2 Relief 8.3 Recovery 8.3.1 Keynesian interpretation 8.3.2 Monetarist interpretation 8.3.3 Economic growth and unemployment (1933-1941) 8.3.4 Effect on the Depression 8.4 Reform 8.5 Impact on federal government and states 8.6 Race and Gender 8.6.1 African Americans 8.6.2 Women and the New Deal 9 Charges 9.1 Charges of fascism 9.2 Charges of conservatism 9.3 Communists in government 10 Political metaphor 11 The works of art and music 12 New Deal Programs 13 Statistics 13.1 Depression statistics 13.2 Relief statistics 14 See also 15 References 16 Further reading 16.1 Surveys 16.2 Biographies 16.3 Economics, farms, labor, relief 16.4 Politics 16.5 Primary sources 17 External links Origins[edit] Economic collapse (1929–1933)[edit]
USA annual real GDP from 1910 to 1960, with the years of the Great Depression (1929–1939) highlighted.
Unemployment rate in the US 1910–1960, with the years of the Great Depression (1929–1939) highlighted; accurate data begins in 1939. From 1929 to 1933 manufacturing output decreased by one third.[8] Prices fell by 20%, causing a deflation which made the repayments of debts much harder. Unemployment in the U.S. increased from 4% to 25%.[9] Additionally, one-third of all employed persons were downgraded to working part-time on much smaller paychecks. In the aggregate, almost 50% of the nation's human work-power was going unused.[10]
Before the New Deal, there was no insurance on deposits at banks.[11] When thousands of banks closed, depositors lost their savings. At that time there was no national safety net, no public unemployment insurance, and no Social Security.[12] Relief for the poor was the responsibility of families, private charity, and local governments, but as conditions worsened year by year, demand skyrocketed and their combined resources increasingly fell far short of demand.[10]
The depression had devastated the nation. As Roosevelt took the oath of office at noon on March 4, 1933, the state governors had closed every bank in the nation; no one could cash a check or get at their savings.[13] The unemployment rate was about 25% and higher in major industrial and mining centers. Farm income had fallen by over 50% since 1929. 844,000 nonfarm mortgages had been foreclosed, 1930–33, out of five million in all.[14] Political and business leaders feared revolution and anarchy. Joseph P. Kennedy, Sr., who remained wealthy during the Depression, stated years later that "in those days I felt and said I would be willing to part with half of what I had if I could be sure of keeping, under law and order, the other half".[15]
New Deal (1933–1938)[edit] Upon accepting the 1932 Democratic nomination for president, Franklin Roosevelt promised "a new deal for the American people".[16][17]
“ Throughout the nation men and women, forgotten in the political philosophy of the Government, look to us here for guidance and for more equitable opportunity to share in the distribution of national wealth... I pledge myself to a new deal for the American people. This is more than a political campaign. It is a call to arms.[18] ” Roosevelt entered office without a specific set of plans for dealing with the Great Depression; so he improvised as Congress listened to a very wide variety of voices.[19] Among Roosevelt's more famous advisers was an informal "Brain Trust": a group that tended to view pragmatic government intervention in the economy positively.[20] His choice for Secretary of Labor, Frances Perkins, greatly influenced his initiatives. Her list of what her priorities would be if she took the job illustrates: "a forty-hour workweek, a minimum wage, worker's compensation, unemployment compensation, a federal law banning child labor, direct federal aid for unemployment relief, Social Security, a revitalized public employment service and health insurance."[21]
The New Deal policies drew from many different ideas proposed earlier in the 20th century. Assistant Attorney General Thurman Arnold led efforts that hearkened back to an anti-monopoly tradition rooted in American politics by figures such as Andrew Jackson and Thomas Jefferson. Supreme Court Justice Louis Brandeis, an influential adviser to many New Dealers, argued that "bigness" (referring, presumably, to corporations) was a negative economic force, producing waste and inefficiency. However, the anti-monopoly group never had a major impact on New Deal policy.[22] Other leaders such as Hugh Johnson of the NRA took ideas from the Woodrow Wilson Administration, advocating techniques used to mobilize the economy for World War I. They brought ideas and experience from the government controls and spending of 1917–18. Other New Deal planners revived experiments suggested in the 1920s, such as the TVA.
The "First New Deal" (1933–34) encompassed the proposals offered by a wide spectrum of groups. (Not included was the Socialist Party, whose influence was all but destroyed.)[23] This first phase of the New Deal was also characterized by fiscal conservatism (see Economy Act, below) and experimentation with several different, sometimes contradictory, cures for economic ills. The consequences were uneven. Some programs, especially the National Recovery Administration (NRA) and the silver program, have been widely seen as failures.[24][25] Other programs lasted about a decade; some became permanent. The economy shot upward, with FDR's first term marking one of the fastest periods of GDP growth in history. Though a downturn in 1937–38 raised questions about just how successful the policies were, the great majority of economists and historians agree that they were an overall benefit.
The New Deal faced some vocal conservative opposition. The first organized opposition in 1934 came from the American Liberty League led by conservative Democrats such as 1924 and 1928 presidential candidates John W. Davis and Al Smith. There was also a large but loosely affiliated group of New Deal opponents, who are commonly called the Old Right. This group included politicians, intellectuals, writers, and newspaper editors of various philosophical persuasions including classical liberals and conservatives, both Democrats and Republicans.
The New Deal represented a significant shift in politics and domestic policy. It especially led to greatly increased federal regulation of the economy. It also marked the beginning of complex social programs and growing power of labor unions. The effects of the New Deal remain a source of controversy and debate among economists and historians.[26]
World comparisons[edit] Main articles: Great Depression and Causes of the Great Depression The Great Depression began in the United States of America and quickly spread worldwide.[27] It had severe effects in countries both rich and poor. Personal income, consumption, industrial output, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Unemployment in the U.S. rose to 25%, and in some countries rose as high as 33%.[28]
Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by approximately 60%.[29][30] Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as grain farming, mining and logging, as well as construction, suffered the most.[31]
Most economies started to recover by 1933-34, the negative economic impact often lasted until the beginning of World War II, when war industries stimulated recovery.[32]
There is little agreement on what caused the Great Depression, and the topic has become highly politicized. At the time the great majority of economists around the world recommended the "orthodox" solution of cutting government spending and raising taxes. However, British economist John Maynard Keynes advocated large-scale government deficit spending to make up for the failure of private investment. No major nation adopted his policies in the 1930s.[33]
I realize he's reaching the point in his career where RBs start to really digress but has anyone seen enough of Michael to proclaim him the bonafide successor? I'd heard good things, but he was on the practice squad most of the year. The coaches didn't even trust him enough to give him carries. I hope he tears it up this year and it was just him getting used to the NFL but until I see it on the field, I'm not buying into the hype.
Nope this is your typical hook script. Talk about how amazing some player who hasn't played a snap is and then WDWHA the player who has brought you success.
Lather, Rinse, Repeat.
Fuck HIM. I'm hearing Curt Warner still has a year of eligibility left
Comments
I'm hearing Lynch was drunk at the Coug during the WH visit.
But, I'd hate to see him go.
Lather, Rinse, Repeat.
Simple as that.
From Wikipedia, the free encyclopedia
This article is about the economic program. For other uses, see New Deal (disambiguation).
Top left: The Tennessee Valley Authority, part of the New Deal, being signed into law in 1933.
Top right: President Roosevelt was responsible for initiatives and programs of the New Deal.
Bottom: A public mural from one of the artists employed by the New Deal.
Part of the Politics series on
Progressivism
Ideas
Idea of Progress
Scientific progress
Social progress
Economic development
Technological change
Linear history
History
Enlightenment
Industrial revolution
Modernity
Politics portal
v t e
The New Deal was a series of domestic programs enacted in the United States between 1933 and 1936, and a few that came later. They included both laws passed by Congress as well as presidential executive orders during the first term (1933–37) of President Franklin D. Roosevelt. The programs were in response to the Great Depression, and focused on what historians call the "3 Rs": Relief, Recovery, and Reform. That is Relief for the unemployed and poor; Recovery of the economy to normal levels; and Reform of the financial system to prevent a repeat depression.[1]
The New Deal produced a political realignment, making the Democratic Party the majority (as well as the party that held the White House for seven out of nine Presidential terms from 1933 to 1969), with its base in liberal ideas, the white South, traditional Democrats, big city machines, and the newly empowered labor unions and ethnic minorities. The Republicans were split, with conservatives opposing the entire New Deal as an enemy of business and growth, and liberals accepting some of it and promising to make it more efficient. The realignment crystallized into the New Deal Coalition that dominated most presidential elections into the 1960s, while the opposition Conservative Coalition largely controlled Congress from 1937 to 1963. By 1936 the term "liberal" typically was used for supporters of the New Deal, and "conservative" for its opponents. From 1934 to 1938, Roosevelt was assisted in his endeavours by a "pro-spender" majority in Congress (drawn from two-party, competitive, non-machine, Progressive, and Left party districts). As noted by Alexander Hicks, "Roosevelt, backed by rare, non-Southern Democrat majorities—270 non-Southern Democrat representatives and 71 non-Southern Democrat senators—spelled Second New Deal reform."[2]
Many historians distinguish between a "First New Deal" (1933–34) and a "Second New Deal" (1935–38), with the second one more liberal and more controversial. The "First New Deal" (1933–34) dealt with diverse groups, from banking and railroads to industry and farming, all of which demanded help for economic survival. The Federal Emergency Relief Administration, for instance, provided $500 million for relief operations by states and cities, while the short-lived CWA (Civil Works Administration) gave localities money to operate make-work projects in 1933-34.[3]
The "Second New Deal" in 1935–38 included the Wagner Act to promote labor unions, the Works Progress Administration (WPA) relief program (which made the federal government by far the largest single employer in the nation),[4] the Social Security Act, and new programs to aid tenant farmers and migrant workers. The final major items of New Deal legislation were the creation of the United States Housing Authority and Farm Security Administration, both in 1937, and the Fair Labor Standards Act of 1938, which set maximum hours and minimum wages for most categories of workers.[5]
The economic downturn of 1937–38, and the bitter split between the AFL and CIO labor unions led to major Republican gains in Congress in 1938. Conservative Republicans and Democrats in Congress joined in the informal Conservative Coalition. By 1942–43 they shut down relief programs such as the WPA and CCC and blocked major liberal proposals. Roosevelt himself turned his attention to the war effort, and won reelection in 1940 and 1944. The Supreme Court declared the National Recovery Administration (NRA) and the first version of the Agricultural Adjustment Act (AAA) unconstitutional, however the AAA was rewritten and then upheld. As the first Republican president elected after FDR, Dwight D. Eisenhower (1953–61) left the New Deal largely intact, even expanding it in some areas.[6] In the 1960s, Lyndon B. Johnson's Great Society used the New Deal as inspiration for a dramatic expansion of liberal programs, which Republican Richard M. Nixon generally retained. After 1974, however, the call for deregulation of the economy gained bipartisan support.[7] The New Deal regulation of banking (Glass–Steagall Act) was suspended in the 1990s. Many New Deal programs remain active, with some still operating under the original names, including the Federal Deposit Insurance Corporation (FDIC), the Federal Crop Insurance Corporation (FCIC), the Federal Housing Administration (FHA), and the Tennessee Valley Authority (TVA). The largest programs still in existence today are the Social Security System and the Securities and Exchange Commission (SEC).
Contents [hide]
1 Origins
1.1 Economic collapse (1929–1933)
1.2 New Deal (1933–1938)
1.3 World comparisons
1.3.1 Europe
1.3.2 Canada and the Caribbean
1.3.3 Asia
1.3.4 Australia and New Zealand
2 First New Deal (1933–1934)
2.1 The First Hundred Days (1933)
2.1.1 Fiscal policy
2.1.2 Banking reform
2.1.3 Monetary reform
2.1.4 Securities regulation
2.1.5 Repeal of Prohibition
2.2 Relief
2.2.1 Public works
2.2.2 Farm and rural programs
2.3 Recovery
2.3.1 NRA "Blue Eagle" campaign
2.3.2 Housing Sector
2.4 Reform
2.4.1 Trade liberalization
2.4.2 Puerto Rico
3 Second New Deal (1935–1938)
3.1 Social Security Act
3.2 Labor relations
3.3 Works Progress Administration
3.4 Tax policy
3.5 Housing Act of 1937
4 Court-packing plan and jurisprudential shift
5 Recession of 1937 and recovery
6 World War II and full employment
7 Legacy
8 Historiography and evaluation of New Deal policies
8.1 Fiscal policy
8.2 Relief
8.3 Recovery
8.3.1 Keynesian interpretation
8.3.2 Monetarist interpretation
8.3.3 Economic growth and unemployment (1933-1941)
8.3.4 Effect on the Depression
8.4 Reform
8.5 Impact on federal government and states
8.6 Race and Gender
8.6.1 African Americans
8.6.2 Women and the New Deal
9 Charges
9.1 Charges of fascism
9.2 Charges of conservatism
9.3 Communists in government
10 Political metaphor
11 The works of art and music
12 New Deal Programs
13 Statistics
13.1 Depression statistics
13.2 Relief statistics
14 See also
15 References
16 Further reading
16.1 Surveys
16.2 Biographies
16.3 Economics, farms, labor, relief
16.4 Politics
16.5 Primary sources
17 External links
Origins[edit]
Economic collapse (1929–1933)[edit]
USA annual real GDP from 1910 to 1960, with the years of the Great Depression (1929–1939) highlighted.
Unemployment rate in the US 1910–1960, with the years of the Great Depression (1929–1939) highlighted; accurate data begins in 1939.
From 1929 to 1933 manufacturing output decreased by one third.[8] Prices fell by 20%, causing a deflation which made the repayments of debts much harder. Unemployment in the U.S. increased from 4% to 25%.[9] Additionally, one-third of all employed persons were downgraded to working part-time on much smaller paychecks. In the aggregate, almost 50% of the nation's human work-power was going unused.[10]
Before the New Deal, there was no insurance on deposits at banks.[11] When thousands of banks closed, depositors lost their savings. At that time there was no national safety net, no public unemployment insurance, and no Social Security.[12] Relief for the poor was the responsibility of families, private charity, and local governments, but as conditions worsened year by year, demand skyrocketed and their combined resources increasingly fell far short of demand.[10]
The depression had devastated the nation. As Roosevelt took the oath of office at noon on March 4, 1933, the state governors had closed every bank in the nation; no one could cash a check or get at their savings.[13] The unemployment rate was about 25% and higher in major industrial and mining centers. Farm income had fallen by over 50% since 1929. 844,000 nonfarm mortgages had been foreclosed, 1930–33, out of five million in all.[14] Political and business leaders feared revolution and anarchy. Joseph P. Kennedy, Sr., who remained wealthy during the Depression, stated years later that "in those days I felt and said I would be willing to part with half of what I had if I could be sure of keeping, under law and order, the other half".[15]
New Deal (1933–1938)[edit]
Upon accepting the 1932 Democratic nomination for president, Franklin Roosevelt promised "a new deal for the American people".[16][17]
“ Throughout the nation men and women, forgotten in the political philosophy of the Government, look to us here for guidance and for more equitable opportunity to share in the distribution of national wealth... I pledge myself to a new deal for the American people. This is more than a political campaign. It is a call to arms.[18] ”
Roosevelt entered office without a specific set of plans for dealing with the Great Depression; so he improvised as Congress listened to a very wide variety of voices.[19] Among Roosevelt's more famous advisers was an informal "Brain Trust": a group that tended to view pragmatic government intervention in the economy positively.[20] His choice for Secretary of Labor, Frances Perkins, greatly influenced his initiatives. Her list of what her priorities would be if she took the job illustrates: "a forty-hour workweek, a minimum wage, worker's compensation, unemployment compensation, a federal law banning child labor, direct federal aid for unemployment relief, Social Security, a revitalized public employment service and health insurance."[21]
The New Deal policies drew from many different ideas proposed earlier in the 20th century. Assistant Attorney General Thurman Arnold led efforts that hearkened back to an anti-monopoly tradition rooted in American politics by figures such as Andrew Jackson and Thomas Jefferson. Supreme Court Justice Louis Brandeis, an influential adviser to many New Dealers, argued that "bigness" (referring, presumably, to corporations) was a negative economic force, producing waste and inefficiency. However, the anti-monopoly group never had a major impact on New Deal policy.[22] Other leaders such as Hugh Johnson of the NRA took ideas from the Woodrow Wilson Administration, advocating techniques used to mobilize the economy for World War I. They brought ideas and experience from the government controls and spending of 1917–18. Other New Deal planners revived experiments suggested in the 1920s, such as the TVA.
The "First New Deal" (1933–34) encompassed the proposals offered by a wide spectrum of groups. (Not included was the Socialist Party, whose influence was all but destroyed.)[23] This first phase of the New Deal was also characterized by fiscal conservatism (see Economy Act, below) and experimentation with several different, sometimes contradictory, cures for economic ills. The consequences were uneven. Some programs, especially the National Recovery Administration (NRA) and the silver program, have been widely seen as failures.[24][25] Other programs lasted about a decade; some became permanent. The economy shot upward, with FDR's first term marking one of the fastest periods of GDP growth in history. Though a downturn in 1937–38 raised questions about just how successful the policies were, the great majority of economists and historians agree that they were an overall benefit.
The New Deal faced some vocal conservative opposition. The first organized opposition in 1934 came from the American Liberty League led by conservative Democrats such as 1924 and 1928 presidential candidates John W. Davis and Al Smith. There was also a large but loosely affiliated group of New Deal opponents, who are commonly called the Old Right. This group included politicians, intellectuals, writers, and newspaper editors of various philosophical persuasions including classical liberals and conservatives, both Democrats and Republicans.
The New Deal represented a significant shift in politics and domestic policy. It especially led to greatly increased federal regulation of the economy. It also marked the beginning of complex social programs and growing power of labor unions. The effects of the New Deal remain a source of controversy and debate among economists and historians.[26]
World comparisons[edit]
Main articles: Great Depression and Causes of the Great Depression
The Great Depression began in the United States of America and quickly spread worldwide.[27] It had severe effects in countries both rich and poor. Personal income, consumption, industrial output, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Unemployment in the U.S. rose to 25%, and in some countries rose as high as 33%.[28]
Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by approximately 60%.[29][30] Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as grain farming, mining and logging, as well as construction, suffered the most.[31]
Most economies started to recover by 1933-34, the negative economic impact often lasted until the beginning of World War II, when war industries stimulated recovery.[32]
There is little agreement on what caused the Great Depression, and the topic has become highly politicized. At the time the great majority of economists around the world recommended the "orthodox" solution of cutting government spending and raising taxes. However, British economist John Maynard Keynes advocated large-scale government deficit spending to make up for the failure of private investment. No major nation adopted his policies in the 1930s.[33]