LAD #33

 

On March 4, 1933, PFranklin D. Roosevelt assumed his presidential and addressed the American people. His Inaugural Address addressed the country's current economic panic and proposed the New Deal upon which he would lead his administration. Resolved to confront the issues of unemployment, loss of savings, and lack of demand, Roosevelt urged the American people to unite around a common cause. In order to recover from the panic and to be successful in the future, both the very wealthy and the unemployed would have to cast aside prejudices and work for the good of the whole. Marginal profits could no longer drive domestic policy- as it had throughout the administrations of President Harding, President Coolidge, and President Hoover- and the Federal Government could not continue to take a laissez-faire approach to big business. According to Roosevelt, the United States was blessed with an abundance of resources. However, these resources were being exploited by the "rulers of the exchange of mankind's goods." A solution to the country's economic problems could not be found if the country continued to be dominated by the agenda's of these individuals and corrupt financial institutions would not inspire confidence in consumers. Roosevelt advised that the country turn away from international commercial projects- while still maintaining a "good neighbor" policy- and focus on job creation through the initiation of public works projects that would use the country's available resources. Reducing the numbers of foreclosures on homes and businesses and cutting spending would also be priorities under Roosevelt's adminstration. He also advised that the Federal Government assume control of transport and communication systems and that it regulate the practices of banks and reestablish a stable currency. Roosevelt believed that the Constitution would be flexible enough to allow him to carry out these plans. However, he warned Congress in his address that he would depart from the balance of powers in order to "wage war against the emergency." It became clear that Roosevelt was in favor of a more powerful central government to combat the panic.