New Deal: Failure or Fruition?

Were Franklin Roosevelts New Deal policies from 1933 to 1939 successful? William Kyle Anderson Walter Hines Page High School 003370-002 Session May 2013 History 3,709 Words

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Abstract
Word Count: 243 Franklin Roosevelt inherited the effects of the Great Depression on the United States from Herbert Hoover in 1932. High unemployment rates, along with unstable banks were only two of the problems. Roosevelt set out to fix the United States woes through a series of two New Deals. This paper will attempt to answer the question Were Franklin Roosevelts New Deal policies from 1933 to 1939 successful? The paper will identify the steps Roosevelt took to provide jobs and fix monetary imbalance in the United States with his New Deal policies. This will be achieved by using multiple secondary sources from authors reflecting on the New Deal policies from the time of the New Deal to the 2000s to determine the successfulness of Roosevelts policies on the United States. The influence of monetary decisions and programs providing jobs will also be assessed. Franklin Roosevelt attempted to implement new monetary policies and programs providing jobs, which were quite distinct from the prior, more extreme capitalistic policies of Herbert Hoover. Roosevelt encouraged Congress to create the CCC, TVA, PWA, CWA, and the WPA. These programs were intended to relieve the number of unemployed workers, but they also ended up costing the United States Government a tremendous amount of money, which resulted with the United States Government going into debt. As a result, Roosevelts New Deal policies were not successful when attempting to alleviate the pains of the Great Depression for the citizens of the United States.

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Table of Contents
Abstract ......................................................................................................................................................... 2 Introduction .................................................................................................................................................. 4 Monetary Decisions ...................................................................................................................................... 5 Taxes ..................................................................................................................................................... 5 Social Security ....................................................................................................................................... 7 Minimum Wage .................................................................................................................................... 8 Job Providing Programs .............................................................................................................................. 11 Civilian Conservation Corps ................................................................................................................ 11 Tennessee Valley Authority ................................................................................................................ 11 Public Works Administration .............................................................................................................. 12 Civil Works Administration ................................................................................................................. 13 Works Progress Administration .......................................................................................................... 14 Conclusion ................................................................................................................................................... 16 Bibliography ................................................................................................................................................ 18 Appendices.................................................................................................................................................. 19 A. Unemployment Graph (1929-1942) ................................................................................................... 19 B. Total Income Tax Revenue & Total Excise Tax Revenue (1929 & 1935) ............................................. 19

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Introduction
The Great Depression, a worldwide economic crisis, followed the Wall Street Crash in 1929.1 The blame fell on the President of the United States at the time, Herbert Hoover. Many did not believe he had been working hard enough to help the middle class after the collapse. Franklin Delano Roosevelt, the presidential nominee for the Democrat Party in 1932, won in a landslide victory with 89% of the electoral votes and inherited a country with an employment rate of twenty-five percent2. Robert E. Sherwood remarked: No cosmic dramatist could possibly devise a better entrance for a new Presidentthan that accorded to Franklin Delano Roosevelt. Herbert Hoover was, in the parlance of vaudeville, a good act to follow. Roosevelt promised a new deal, where the government would swiftly enact a set of federal reforms to provide relief, recovery, and reform for the country. If within the next few years the national emergency did not subside, he described what would then occur in his inauguration speech: I shall ask the Congress for the one remaining instrument to meet the crisisbroad Executive power to wage a war against the emergency, as great as the power that would be given to me if we were in fact invaded by a foreign foe.3 During his first 100 Days in office, he signed fifteen major bills into law; a number of these being the Emergency Banking Act, Federal Emergency Relief Administration, Securities & Exchange Act, National Industrial Recovery Act, Agricultural Adjustment Act, Public Works Administration, Civilian

1 2

Neil A. Wynn, Historical Dictionary of the Roosevelt-Truman Era, (Lanham: Scarecrow Press, 2008), 185. th James O'Toole, Analysis: FDR's policies get New Deal of criticism from revisionists, Accessed December 11 , 2012. 3 Jonathan Alter, The Defining Moment: FDRs Hundred Days and The Triumph of Hope ,(New York: Simon & Schuster Paperbacks, 2006), 343

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Works Administration, Civilian Conservation Corps, and the Tennessee Valley Authority. 4 From 19351939, Roosevelt set out to enact further reforms, including the Works Progress Administration, Social Security Act, National Housing Act, Wealth Tax Act, and the National Labor Relations Act5. By the fall of 1937, the economys rate of decline over the next ten months was sharper than in 1929.6 Most business executives attributed this recession to Roosevelt and his wasteful spending of federal money. Finally, with the growing international conflicts in Asia and Europe, the failure of the Court Packing Bill7, and the Fair Labor Standards Act in 1938, Roosevelts New Deal period began to reach its end. He slowly encouraged less governmental programs8 while turning his focus from domestic to international affairs.9

Monetary Decisions
In an effort to reduce the income gap in America10 and inhibit the decline of the economy, Franklin Roosevelt attempted to work with excise taxes, income taxes, corporate taxes, minimum wage, social security, and extended union rights. Taxes Directly after his inauguration, Roosevelt addressed excise taxes. Hoover originally enacted these regressive taxes11 in 1932 and placed further taxes on items like cars, gas, movie tickets, radios, furs, jewelry, yachts, and many other necessities or extravagances12. These taxes had doubled the excise

4 5

Wynn, 299 Also known as the Wagner Act after its sponsor Senator Robert F. Wagner. Kennedy, 242 6 Richard Polenburg, The Decline of the New Deal from The New Deal: The National Level, (Columbus: Ohio State University Press, 1975), 255 7 Wynn, 116 8 nd Roosevelt did not mention any new federal programs in his 2 Inaugural Address. 9 The two most important of these were the growing European conflict with Hitlers invasion of Czechoslovakia and the Japanese bombing of Pearl Harbor. Michael Beschloss and Hugh Sidey, Franklin D. Roosevelt, (White House Historical Association, 2009) 10 Burton Folsom, Jr., New Deal or Raw Deal? (New York: Threshold Editions, 2009), 131 11 Defined by the United States Internal Revenue Service as a tax that takes a larger percentage of income from low-income groups than from high-income groups. Internal Revenue Service, 2012. 12 Folsom, Jr. 122

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revenue for Hoover in 1932 and Roosevelt had three options for the expiring taxes. The government could lower the personal exemption on the income tax and expand it to include a larger percentage of Americans or eliminate the excise tax on gas, of which the majority of these taxpayers were from lower incomes. He could then raise the tax on more luxurious items such as yachts and furs. This would take the burden off the poor Americans. However, Roosevelt chose neither of these options; instead, he decided to keep the emergency excises of 1932 and renewed them each year throughout the 1930s.13 This decision in turn affected the majority of Americans; since the taxes were on necessities, people were unable to elude them. With these taxes, Hoover intended to make up for the loss in total income tax revenue from 1929 to 1935.14 Another regressive tax that Roosevelt introduced and backed was the social security tax. It started as a one percent tax on employees and employers to fund a national system but only taxed the first $3,000 of income. Because of this, the lower class was unfairly taxed since the people in the upper class paid the same tax rate. The last major tax was the processing tax on food and clothing that helped to fund the Agricultural Adjustment Administration15. Throughout Roosevelts New Deal, excise taxes were an important part in his funding of governmental programs. The revenue from excise taxes was greater than income and corporate taxes combined.16 Roosevelt displayed his urge to rely on excise taxes in a 1939 speech: We cannot afford at this time to sacrifice the revenue *these excise taxes+ represent.17 In 1935, a tax rate of 79 percent on income over $5 million was passed. While this may seem like a hefty rate, three-fourths of all families in the United States earned less than $2,000 a year at that time. David Kennedy, the author of Freedom from Fear, notes that Roosevelts tax policies were not truly for revenue, but instead politically influenced. He
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Folsom, Jr., 123 See table one (Appendix B) on page 125 of Folsoms New Deal or Raw Deal? Total Income Tax Revenue declined from $1.096 billion to $527 million while Total Excise Tax Revenue rose from $540 million to $1.364 billion. 15 Full name is often times shortened to AAA; it was created in order to enforce the Agricultural Adjustment Act. This was intended to help farmers during the Great Depression by raising prices of wheat, corn, cotton, and other crops so that the farmers purchasing power would return to pre-World War I levels. Wynn, 33-34. 16 Folsom, Jr., 127 17 Ibid, 144

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intentionally encouraged Congress to pass high taxes in order to steal Huey Longs18 thunder. 19 He hoped this would eliminate the Louisiana politician from threatening his reelection campaign in 1936. Social Security In 1935, Roosevelt signed the Social Security Act20 after it passed in the Senate and passed the House with an overwhelming 371-33 vote.21 This new act resembled Francis Townsends proposal for the government to give all retirees over the age of sixty each $200 a month.22 United States citizens would receive monetary sums, paid for by a one percent tax on each dollar of earned income. Employers would then match this amount for each of their employees. The act also set up a federal-state system of unemployment insurance and gave aid to the states for care of dependent mothers and children. This aid also applied to the crippled, the blind, and for public health services. This was a novel idea; no other country in the world had a system where current workers had taxes taken out to help pay for the aged individuals in the country.23 While the economical stability of this regressive taxation was questioned, it was nevertheless a major change in American social thought. Before the Social Security Act, Americans had believed in laissez-faire economics and in their capitalistic economy, winners deserved their rewards and losers needed to fend for themselves. The Social Security Act spun the schema of social responsibility one hundred and eighty degrees; the federal and state governments would now care for the underprivileged and handicapped. As with the excise taxes, however, Roosevelt once again admitted at least one part of the law was a mistake and simply for political gain.

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Democrat Governor of Louisiana 1928-1932; he was a big proponent of maximum government intervention. It appeared that he could attract as much as 10 percent of the vote for the Democratic presidential nomination. Wynn, 255-256. 19 David Kennedy. Freedom from Fear, (Oxford: Oxford University Press, 2005), 276. Kennedy notes that at this time a couple with an income of $4000 would have been in the top tenth of all income receivers. 20 The central pillar of the U.S. welfare system. Southern congressmen amended the original bill to exclude agricultural and domestic workers, thus eliminating the majority of African Americans. Wynn, 36 6 21 William E. Leuchtenburg, Franklin D. Roosevelt & the New Deal, (New York: Harper & Row, 1965), 132 22 Folsom, Jr., 116 23 Leuchtenburg, 132-133

William Anderson 003370-002 Roosevelt remarked:

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I guess youre right on the economicsthose taxes were never a problem of economics. They are politics all the way through...With those taxes in there, no damn politician can ever scrap my social security program.24 He felt that he had spent too much effort and time to improve the status of the typical American worker to let the United States Supreme Court25 dissipate the Social Security System. While the Social Security Act helped to encourage a greater amount of care for underprivileged people, it exerted a massive toll on the economy. Burton Folsom claims that Roosevelts Social Security plan created many problems; it retarded recovery from the Great Depression by contributing to unemployment26, Social Security was financially unsound, since workers had to reach age sixty-two to receive benefits while the average life expectancy was sixty years. This meant that people would lose money from their paycheck each month for thirty years and the average American would never see any of this money returned to them27. In addition, he claims, since the average life expectancy for African Americans was forty-eight years28, Social Security disproportionally benefited white Americans. Minimum Wage In 1933, the National Industrial Recovery Act (NIRA)29 was passed. This major piece of legislation attempted to establish fair competition laws by providing manufacturers with decent set prices for their goods and workers with fair wage requirements so that industrial manufacturing would recover. While

24 25

Leuchtenburg, 133. Also mentioned in New Deal or Raw Deal?, 117 He specifically worded the Social Security Act so that it would pass through the legalities checked in the Supreme Court. 26 Folsom, Jr., xv 27 Ibid, 115-116 28 Ibid, 117 29 Title III of the Act created the national Recovery Administration (NRA) to oversee the operation of the act. Sometimes, the NRA is used to refer to the NIRA. Wynn, 291-292

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this created the Public Works Administration30 (PWA), more importantly, minimum wages31 were established for approximately 22 million workers. However, in 1935, the Supreme Court ruled the NIRA unconstitutional in Schechter Poultry Corp. v. United States32, therefore abolishing the minimum wages and set prices that had been created. While Roosevelt displayed obvious disappointment with the Supreme Court through his attempt to pack the court33 , he displayed his dedication to workers rights by passing new legislation for wages. The Fair Labor Standards Act passed on June 25, 1938. This act set a minimum wage of 25 cents per hour in 1939, increased it to 30 cents in 1939, and a maximum working week of 44 hours, reduced to 40 by 1940.34 Roosevelt had succeeded in protecting young workers from unfair employers that forced them to work for an insane number of hours a week at despicable wages. The minimum wage law, in theory, provided workers with more money to spend, but also had its own downfalls. Southern congressional representatives claimed people whose skills and experience were worth less than whatever Congress decreed as the minimum wage would be priced out of the labor market, and the Great Depression would persist.35 Therefore, inexperienced workers that had just entered the job market would be laid off and unable to find a job. Roosevelt ignored these claims and continued to believe in the positives of a minimum wage because he detested poverty and longed to see working Americans have more food to eat and money to spend. As an immediate effect, the minimum

30

Established to combat unemployment and to prime the pump of the economy. It was incorporated into the Federal Works Agency in 1939. Wynn, 323 31 Minimum Wage was referred to as Wages & Hours at the time. Folsom, Jr., 112 32 The Supreme Court ruled unanimously in 1935 that the NIRA was unconstitutional in delegating legislative powers to the president and regulating business that was not interstate. Wynn, 352 33 Following a succession of decisions by the Supreme Court striking down key measures in the New Deal, Roosevelt presented a court reorganization that would make it possible to increase the number of justices from nine to fifteen based on a new appointment for any judge over the age of 70 who did not retire. This failed miserably; it was rejected by the Senate Judiciary Committee and met public protest. Wynn, 116-117 34 Ibid, 142-143 35 Folsom, Jr., 115

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wage laws benefited labor while the more important long-term result was the creation of the idea that the federal government was the rule-maker when it came to labor laws.36

36

Albert U. Romasco, Hoover-Roosevelt and the Great Depression: A Historiographic Inquiry into a Perennial Comparison from The New Deal: The National Level, (Columbus: Ohio State University Press, 1975), ix

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Job Providing Programs

In his 1933 inaugural address, Franklin Roosevelt stated, Our greatest primary task is to put people to work.37 As an addition to his tax reforms and introduction of Social Security in order to fulfill this statement, Roosevelt oversaw the establishment of a multitude of federal programs that created jobs for men to work on projects such as infrastructure. A few of these programs included the Civilian Conservation Corps, Tennessee Valley Authority, Public Works Administration, Civil Works Administration, and the Works Progress Administration. Civilian Conservation Corps On March 31, 1933, the Unemployment Relief Act passed, thereby creating the Civilian Conservation Corps (CCC). It created employment in fresh-air government camps for approximately three million men38. These men39 engaged in various jobs: flood control, swamp drainage, tree planting, campground creation, fire fighting40, and reforestation. These men helped create a sense of camaraderie among young workers; however, there were many problems. The men were served bland food, rarely received an adequate amount of sleep in tents and barracks, and many later requested compensation due to large amounts of exposure to poison ivy.41 Tennessee Valley Authority Later in 1933, on May 18, another major works program was created: The Tennessee Valley Authority (TVA). Many historians, such as William Leuchtenburg and Burton Folsom42, believe it to be the greatest

37 38

Taylor, 75 Kennedy, Cohen, & Bailey, 783 39 These men had to be unmarried, between eighteen and twenty-five, and 83 percent of the money they made had to be sent home. Nick Taylor, American Made, (New York: Bantam Dell, 2008), 107 40 Fifty-seven men died while fighting fires. Kennedy, Cohen and Bailey, The American Pageant, (Boston: Houghton Mifflin, 2002), 785 41 Ibid, 785 42 This is important and displays the massive success of the TVA because both Leuchtenburg and Folsom have differing opinions on the true success of the New Deal as a whole.

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and most successful of the New Deal agencies. This works program built forty-seven dams in six states43. These dams helped to provide flood control and affordable electricity for residents in the region. On the other hand, the program had its failures as well. First, the TVA flooded hundreds of thousands of acres in many states. Those areas, after being flooded, had to be removed from the tax rolls and this therefore reduced economic development.44 Although the establishment of the dams created jobs, William Chandlers The Myth of the TVA explains, The state of Tennessee, in the fifty years after the 1930s, actually lagged behind nearby states without the TVA in economic development."45 Therefore, while the states affected by the TVA may have experienced a slight boost in available jobs, the program actually inflicted damage on the impacted states per capita income. Public Works Administration With the passage of the NIRA came the Public Works Administration (PWA). This administration was responsible for large-scale public works such as the construction of hydroelectric, flood control, and irrigation projects as well as the Triborough Bridge linking Manhattan, Queens, and the Bronx in New York City.46 One problem with the PWA was that the contractors were not required to hire individuals that were on government aid or unemployed. Therefore, due to the level of skills required for each elaborate project, many people not currently on relief were hired. As a result, the program did not successfully reduce the amount of employment by hiring its employees. Another problem dealing with the Public Works Administration was since the projects were so large-scaled; they took massive amounts of time to be implemented47.

43

These states were Tennessee, Kentucky, North Carolina, Georgia, Alabama, & Mississippi. Taylor, American Made, (New York: Bantam Dell, 2008), 110 44 Folsom, Jr., 102 45 Chandler also revealed, Among the nine states of the southeastern United States, there has been essentially an inverse relationship between income per capita and the extent to which the state was served by the TVA. Ibid 46 Taylor, 113 47 Folsom, Jr., 177

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William Anderson 003370-002 Civil Works Administration

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While the Public Works Administration was working on large-scale projects, it had still not spent much of its $3.3 billion dollar budget. Along with the slow work of the PWA, Roosevelt and his advisors noticed that it was not providing relief to unemployed Americans. Roosevelt felt that a newer program needed to be introduced that would be focused especially on getting the unemployed employed again. On November 9, 1933, Roosevelt signed an executive order creating the Civil Works Administration (CWA). The CWA received $400 million from the PWAs budget. Within two weeks of its creation, the CWA had over one million workers on the payroll.48 Rural road improvements, public building renovations, playground creations, street repairs, and sewer maintenance were all results of workers hired by the Civil Works Administration. In its peak season, the CWA employed over 4.25 million men and women during the winter of 1933.49 While citizens in each region of the country needed jobs, the industrial Northeast and Midwest, Texas, and California received the majority of the money. Eleven states from these areas received fifty-seven percent of the total budget.50 This strategy, employed by the CWA leaders, helped provide extensive amounts of money and jobs in areas so that citizens began to feel positively about the economy. In return, the voters in this area continually returned to the polls and supported Roosevelt overwhelmingly.51 The CWA experienced two major consequences. The first was psychological: while many workers received paychecks for the first time since 1930, they began to focus on concerns about pay and job conditions. The questioned morphed from, How can I get a job? to, Why is the government not paying me enough money and giving me more rights as a part of the labor force? In addition, the majority of unemployed people in most cities were still greater than the number of people hired for the CWA. Many cities reported unemployed men voicing their disagreement at the
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Taylor, 120. This many workers on the payroll required the Bureau of Printing and Engraving to work three shifts just to print the checks. 49 Ibid, 122 50 Ibid, 123 51 Roosevelt won with 98.49% of the electoral vote in the presidential election of 1936. He did not lose the popular vote in any of these 11 states. Fulsom, Jr., 186

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city hall and refusing to quit.52 The second consequence was that the leader of the CWA, Harry Hopkins53, blew through the $400 million dollars in the first three months. He then requested $950 million from Congress and this was approved54. However, the money was not substantial enough for the Civil Works Administration and by March 31, 1934, the CWAs construction program had ended. The remaining artists and researchers worked under other programs and the ones that had nowhere to return went back on direct relief. The Civil Works Administration, throughout its time, had spent approximately $1 billion. While it had spent a hefty sum of money, through the years the program had built or improved over half a million miles of road55, renovated 40,000 schools, repaired 3,700 playgrounds and athletic fields, built 469 airports, improved 529 airports, laid 12 million feet of sewer pipe, and built 250,000 outdoor privies.56 Works Progress Administration The Works Progress Administration (WPA), established through the Emergency Relief Appropriation Act of 1935 on May 6, 1935, spent over $11 billion57 and employed 8million people58. The WPA attempted to create work, and resulted with 2,500 hospitals, 5,900 school buildings, and 1,000 airports/landing strips built. Along with this labor, the Federal Arts Project employed painters and sculptors to teach in rural schools, as well as muralists to paint images on post offices and other governmental buildings. Critics claimed that every dollar the government spent had to be raised through taxation and therefore, at best, a diversion of jobs and money occurred because of the project.59 Another problem of the WPA was that Roosevelt had been granted major influence on the allocation and distribution of the
52

In Chelsea, Massachusetts, 155 people had jobs with the CWA, while 2,000 did not have a job. These men took their anger to city hall and remained inside the building for hours. Taylor, 129 53 Folsom, Jr., 191 54 $450 million was to keep the program going through the winter and then wind it down, while $500 million was for the direct relief that would be needed when the jobs disappeared. Taylor, 129 55 This was done not only in the United States, but also in every United States' territory. Taylor, 136 56 Taylor, 136 57 Kennedy, Freedom from Fear, 253. 58 Wynn, 434 59 Folsom, Jr., 84

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administrations money. For that reason, the WPA experienced the same political manipulation that the CWA had previously dealt with.60 The WPA, therefore, resembled the CWA through the types of labor provided for workers and the way in which it was run.

60

Folsom, Jr., 181

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Conclusion
Although President Franklin Delano Roosevelts New Deal policies displayed hints of helpfulness to the American people as a whole, they were not successful. Many provided statistics appear to display success, including the drop in unemployment rate from his inauguration to 1939 and the increase in United States GDP61. However, these statistics are simply numbers and fail to display the true problems of the New Deal. First, the New Deal failed at its number one priority: to lift the United States out of the Great Depression. In fact, the Depression lasted until 1941.62 Secondly, the New Deal encouraged political manipulation; states that the president needed votes from received far greater amounts of monetary aid.63 In terms of governmental programs, many produced disastrous results, although unintentionally. For example, Social Security intended to assist elderly Americans, but instead still unfairly benefits White Americans over African Americans to this day.64 The minimum wage laws, while raising the wages of workers, resulted in higher prices for consumer goods in the professions that required wage increases.65 While the workers were making more money in terms of pure numbers, their purchasing power was essentially the same or even worse due to the inflated prices66. New Deal programs such as the WPA, CCC, CWA, PWA, and the TVA provided millions of previously unemployed workers with jobs. While this increased the confidence of these workers, the United States Government sacrificed taxpayer money to do so. With all the jobs the federal government provided, the national debt skyrocketed. In 1931, the national debt was $16 billion, but by the time Franklin Roosevelt had

61 62

Percentage of workers unemployed dropped from 24.9 in 1932 to 19.8 in 1939. Folsom, Jr., 243 This was 8 years after Roosevelt was first elected. A recession occurred in 1938 (titled Roosevelt Recession) and the unemployment decreased due to the private jobs that needed to be filled as a result of the outbreak of World War I. Appendix a displays graph of the unemployment numbers from 1929-1942. 63 Fulsom, Jr., 197-191 64 African Americans have a lower life expectancy than whites have and are estimated to pay $12,000 more than they will ever receive. Ibid, 265 65 Ibid, 264 66 Wynn, 407

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been in office for eight years, the debt had risen by two hundred and fifty percent.67 The national debt, from 1932 to 1940, grew more than it had throughout the previous one hundred and fifty years of the countrys existence68. Burton Folsom notes that From 1779 to 1931, the spending to support seven wars and at least five recessions was more than offset by the debt acquired during the 1930s.69 While attempting to boast a faade of statistical success, when viewed more comprehensively, the New Deal policies were failures when attempting to alleviate the pains of the Great Depression.

67 68

Ibid, 4. National debt rose from $16 billion to $40 billion in eight years (1931-1939). Ibid 69 Ibid,5

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Bibliography
Alter, Jonathan. The Defining Moment: FDR's Hundred Days & The Triumph of Hope. New York: Simon & Schuster Paperbacks, 2006. Beschloss, Michael, and Hugh Sidey. Franklin D. Roosevelt. http://www.whitehouse.gov/about/presidents/franklindroosevelt (accessed November 24, 2012). Folsom, Jr., Burton. New Deal or Raw Deal? New York: Threshold Editions, 2009. Internal Revenue Service. Understanding Taxes. 2012. http://apps.irs.gov/app/understandingTaxes/teacher/whys_thm03_les02.jsp#KeyTerms (accessed 27 27, 2013). Kennedy, David M. Freedom from Fear. Vol. IX. XII vols. Oxford: Oxford University Press, 2005. Kennedy, David M., Lizabeth Cohen, and Thomas A. Bailey. The American Pageant. 12th. Boston: Houghton Mifflin Company, 2002. Leuchtenburg, William E. Franklin D. Roosevelt & the New Deal. New York: Harper & Row, 1963. O'Toole, James. "Analysis: FDR's policies get New Deal of criticism from revisionists." Pittsburgh PostGazette. March 8, 2009. http://www.post-gazette.com/stories/business/news/analysis-fdrs-policies-getnew-deal-of-criticism-from-revisionists-332753/ (accessed 12 5, 2012). Polenberg, Richard. "The Decline of the New Deal, 1937-1940." In The New Deal: The National Level, by John Braeman, Robert H. Bremner and David Brody, 246-266. Ohio State University Press, 1975. Romasco, Albert U. "Hoover-Roosevelt and the Great Depression: A Historiographic Inquiry into a Perrenial Comparison." In The New Deal: The National Level, by John Braeman, Robert H. Bremner and David Brody, 3-26. Ohio State University Press, 1975. Taylor, Nick. American Made: The Enduring Legacy of the WPA. New York: Bantam Dell, 2008. Wynn, Neil A. Historical Dictionary of the Roosevelt-Truman Era. Lanham: Scarecrow Press, 2008.

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Appendices
A. Unemployment Graph (1929-1942)

B. Total Income Tax Revenue & Total Excise Tax Revenue (1929 & 1935)

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