FDR

Modern Presidency

• Pre-Modern 1789-1932

• Modern 1933-present

• 2nd American republic?– Theodore Lowi, The Personal Presidency

Real GDP (per working age person)

• Timothy J. Kehoe Professor of Economics, University of Minnesota and Adviser, Federal Reserve Bank of Minneapolis, http://www.econ.umn.edu/~tkehoe/

GNP Per Capita (relative to 1889-1929 trend)

J. Bradford DeLong, University of California at Berkeley and NBER http://econ161.berkeley.edu/TCEH/Slouch_Crash14.html

Stock Market

http://www.affordablehousinginstitute.org/blogs/us/Stock_market_crash_1929_small.jpg

The Depression in the US

“Hoovervilles”

Herbert Hoover, 1929-1933

Governor Roosevelt of NY(with former Gov. Al Smith)

John Maynard Keynes: Modern Liberalism

CirculationNewmann gets paid!!!!! Newmann gets paid!!!!!!!!!!!!

Employee Newmannenrolls buys bagels,at VCU Chinese food,

new Pat Metheny CD,

sneakers

Employee decides Employees ofhe/she can pay businessesfor college near VCU

get paid

Business Cycle

Boom-Bust cycle

Self-regulating

But, what if….

Non-self-regulating

FDR’s New Deal• FDR Inaugural Speech (text) (audio of

oath of office and inaugural speech)

• Fireside Chats

1. Government Role in the Economy

The New Deal: Creating Jobs

Works Progress Administration

New Deal: RegulationNational Recovery

Administration

but… Schechter v. US (1935)

New Deal: Redistribution

2. President’s Role

3. Enlargement of the Federal Government

“Presidential Branch”

WHO NSC OMB NEC USTR CEQ OHS OGC

WH Offices (Counsel, Communications….)

WHO-White House Office; NSC-National Security Council; OMB-Office of Management and Budget; USTR-Office of US Trade Representative; CEQ-Council on Environmental Quality;

OHS-Office of Homeland Security; OGC-Office of Global Communications

Executive Office of the Presidency (EOP)

Three Layers of Executive Branch

WHOEOP

Appointees in Executive Branch

Career Bureaucracy

4. Precedents

• 100 Days

• New Deal as a new social contract

• President as provider of services – Not Congress

– Not federal government

5. Electoral Realignment

• 1860-1932 (72 years)– 56 years Republican; – 16 years Democratic

• 1932-1980 (48 years)– 32 years Democratic; – 16 years Republican

Atlas of Presidential elections

New Deal Coalition• Democratic South

• African-Americans

• Union members

• Urban North

• Immigrant/newer ethnic groups

• Farmers

• Socialist parties voters

Effect of FDR on US Political Culture

Left Right

Left-right defined as accepted level of government intervention in the economy:

right = less intervention

left = more intervention

USPre-1933

FDR Character

FDR: Polio

Eleanor Roosevelt