The United States got out of the Great Depression thanks to Roosevelt's New Deal

In the process of capitalism, the Great Depression in the United States in 1929 lasted the longest, caused the greatest loss of wealth, and had the deepest impact. In early March 1933, Franklin Roosevelt was sworn in as president and was elected as the 32nd president of the United States. He began to fulfill his campaign vow to "implement a New Deal for the American people." It is a common understanding that "Roosevelt's New Deal" saved American capitalism.

During the "Hundred Days of New Deal" from March 9 to June 16, 1933, Roosevelt wrote to the U.S. Congress 15 times, urging the passage of the Emergency Banking Act and the Agricultural Adjustment Act. , "Emergency Farm Loan Act", "Economic Act", "Federal Relief Act", "National Industrial Recovery Act" and other 15 bills to comprehensively adjust the US economy.

Roosevelt used financial rectification as a breakthrough to let the "blood" circulate again and stabilize people's hearts. Because the situation he faced was that the U.S. banking system was almost paralyzed. On March 9, Roosevelt urged Congress to pass the "Emergency Banking Act" and decided to adopt a review and licensing system for banks, and they would be allowed to reopen only after passing the review. From March 13 to 15, 14,771 banks received licenses to reopen, compared with 25,568 before the crisis in 1929, 10,797 were eliminated. Someone commented that Roosevelt's decisive management of the financial industry was like "a flash of lightning in a dark sky."

Another important bill is the "National Industrial Recovery Law" passed on June 16, which decides to establish the National Recovery Administration and requires capitalists to abide by the rules of "fair competition" and regulate the output of products in various industries. and price regulations, and set minimum wages and maximum working hours for workers, thereby easing tense class conflicts. At the same time, it was decided to establish a Public Works Engineering Administration to build large-scale public construction projects to alleviate unemployment and stimulate the economy.

The essence of Roosevelt’s New Deal is that the state intervenes in social reproduction, uses fiscal and financial levers such as the income tax system, budget allocations, government bonds, and bank credit to macro-regulate the national economy, redistribute national income, and contribute to the development of the national economy. certain important sectors of the economy. Its direct consequence was to help the United States get out of the crisis and get rid of the threat of fascism. Beginning in 1935, nearly all economic indicators recovered steadily, and the number of unemployed persons fell from 17 million to 8 million.