HISTO-1130 Lecture Notes - Lecture 14: Social Cost, Ovra, Iron Ore
Document Summary
Requires publicly traded corporations to disclose relevant information. Sent grants to states to spend on unemployed, homeless. First large scale federal work relief experiment. 500,000 miles of road, sewer lines, 40,000 public schools, 50,000 teaching jobs. Build 25000 camps to house unemployed, unmarried young men. Work in national forests, parks, recreational areas, soil conservation projects. Pay farmers to cut back on crops, livestock, to raise market prices. Expands, adjusts, discards programs begun in the first 100 days. 2 million people annually over 4 years. Federal theatre project, federal art project, federal music project, federal writers project. Self financed federal retirement fund for people over 65. 1937: workers, employers contribute payroll taxes to establish fund. Most collected taxes spent on pension payments; leftovers go into trust fund for future recipients. Not intended to provide comfortable retirement for elderly. Sets up federal state unemployment insurance program. Conservative in comparison to similar programs in europe. The social cost of the great depression.
