The Economic Legacy of Franklin D. Roosevelt:His Plan to End the Great Depression

The Economic Legacy of Franklin D. Roosevelt: His Plan to End the Great Depression
The Great Depression had a devastating impact on the American economy and the American people. President Hoover’s inactivity and belief in waiting things out left the United States in economic turmoil and in search of a new more dynamic leader. That leader was Franklin Delano Roosevelt who took over the presidency on January 20, 1933. This was without a doubt one of the most difficult and critical times to assume that office. The depression had hit its peak, our economy was in total collapse, unemployment rose to 30%, inflation was high, and GDP was down by 50% (Dinkins, 2001). But, inspired by optimism and hope, FDR brought a new plan into light. Contraire to Hoover’s classic economic beliefs, Roosevelt focused on “pump priming” economics, based in the Keynesian economic philosophy. President Roosevelt felt it was crucial to invest in the people and to instate government programs ...