ECON 2200 Chapter Notes - Chapter 24: Fair Labor Standards Act, National Labor Relations Act, Second New Deal

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9 Feb 2017
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Chapter 24 continued
III. Please cover on your own: Labor and the New Deal (p. 455-458)***
Be sure to consider:
Persistent unemployment & sticky wages
Impact of New Deal labor policies on union growth & effectiveness
Norris-LaGuardia Act (1932)
National Labor Relations Act (Wagner Act) (1935)
Fair Labor Standards Act (1938)
IV. The Second New Deal (1935-1941): The Social Security Act of 1935
A. Federal Old Age and Survivors’ Insurance (Social Security)
Features of the original plan created in 1935
o Benefits for retired workers only no survivors insurance (if you were a
worker and you were married and had kids; they are survivors when you die)
o Designed to replace part (NOT all) of wages lost after retirement
o About 50% of workforce covered
o Membership compulsory
o NOT means-tested (participation not dependent on income or wealth)
everyone that was in a covered job was expected to participate
o Originally a "fully funded" program: contributions of a worker pay for the
benefits that worker will receive. originally like a private insurance program
or pension
o Goals:
individual equity: benefits linked to past earnings/contributions
political & economic motives
FDR quote workers felt they had a “right” to benefits because
they had contributed
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