Leadership Essay

1579 WordsApr 10, 20127 Pages
The New Deal vs. American Jobs Bill 2011 “Let me assert my firm belief that the only thing we have to fear, is fear itself…” – Franklin D Roosevelt, March, 1933. “These are difficult years for our country. But we are Americans. We are tougher than the times we live in, and we are bigger than the politics have been.” – Barak Obama, September 8, 2011 Nearly 70 years after the inauguration of President Franklin D Roosevelt, the United States is eerily close to the same “fear” of economic collapse that was felt in 1932. The country was in the throws if the Great Depression. Unemployment approached 25%. Banks were failing daily with withdrawals far outpacing deposits. The stock market crashed, eliminating hundreds of millions of investment capital, resulting in the closure of businesses around the world. Flash forward to present day. The United States is (by some accounts) just beginning to emerge from the midst of the worst economic recession since 1929. Millions of American families are in some state of home foreclosure. Unemployment is above 11% (greater than 1929 when adjusted for population). According to CNN, less than 10 banks maintain the cash flows estimated to be 75% of the total supply. There is an old saying that history repeats itself. All one has to do is read the newspaper (if you can find one!) or watch the evening news to confirm this. Did the New Deal really save the US from economic disaster? Will the American Jobs Act (2011) have a similar impact? The New Deal, presented by then President Franklin Roosevelt, was a direct response to the four year strangles hold the Great Depression had on the US economy, citizens and the world. After the stock market collapse of 1929, almost no efforts put forth by the government had a positive impact on the economy. In his inauguration speech in 1933, FDR outlined several plans he

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