|Legacy of the New Deal
|Digital History ID 3454|
The New Deal did not end the Depression. Nor did it significantly redistribute income. It did, however, provide Americans with economic security that they had never known before. The New Deal legacies include unemployment insurance, old age insurance, and insured bank deposits. The Wagner Act reduced violence in labor relations. The Securities and Exchange Commission protected stock market investments of millions of small investors. The Federal Housing Administration and Fannie Mae enabled a majority of Americans to become homeowners.
The New Deal's greatest legacy was a shift in government philosophy. As a result of the New Deal, Americans came to believe that the federal government has a responsibility to ensure the health of the nation's economy and the welfare of its citizens.
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