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The New Dealers thus took the next logical step: they themselves borrowed money from the public to invest in direct relief, public works, and infrastructure development. The New Dealers hoped that projects such as the Public Works Administration, the Works Progress Administration, the Civil Works Administration, the Tennessee Valley Authority, the Civilian Conservation Corps, and the National Youth Administration would hire enough of the unemployed to build bridges, schools, and highways that it would "prime the pump" of broad consumer spending, leading to increased demand for consumer products and setting manufacturing on the road to recovery. Once the economy had recovered, tax revenues from prosperity would enable the government to repay its debts. Such was the New Deal theory behind deficit spending. By 1936 Roosevelt was spending $4.8 billion, an unprecedented sum during a time when total gross national product was about $100 billion. Yet, on the...
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This section contains 232 words (approx. 1 page at 300 words per page) |
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