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The New Deal Today
There are 4 major components of the New Deal still in existence and impacting people on a daily basis.
1. The Social Security System continues to pay out pensions to people that are eligible beginning at age 62. It is funded
through taxes on current employers and employees. It is a major source of income for tens of millions of retirees.
2. The Federal Deposit Insurance Corporation still protects people with accounts in U.S. banks against the loss of their
deposits if a bank fails. The current amount protected is $250,000 per person, per bank. So... if a bank were to fail, the
FDIC would give you your $$$ back. This protection continues to keep people confident in our banking system.
3. The Securities and Exchange Commission still monitors U.S. stock markets and makes sure corporations follow along
with all laws associated with trading stocks. In addition, it requires all companies that trade stocks in U.S. exchanges to file
official reports with them 4 times a year (quarterly), and makes those reports available to everyone online. Any
inaccuracies or suspicion of wrongdoing by the companies will result in the SEC bringing it to the attention of a federal court
and (if found guilty) may result in members of the company in question being fined or imprisoned for their actions,
depending upon their severity. This protection continues to keep people confident in the accuracy of stock prices and the
reliability of information contained in official reports at any given time.
4. The National Labor Relations Board still oversees labor unions and guarantees their legal right to exist even when
management doesn't want them to. It also investigates disputes between management and labor, and even helps settle
them from time to time. This board and other protections gained by workers during the New Deal (collective bargaining,
child labor limits) still impact millions of people.
In addition to the 4 specific components listed above, there are countless examples of the New Deal's impact still around our country today. Many of our countries roads, dams, electrical systems, power plants, water and sewer systems, schools, public buildings, and parks were originally constructed during the New Deal. Much of the public art and film footage of the 1930s was paid for by the government and remains as a reminder of the difficult times people endured during this time period.
Mexican artist Diego Rivera's mural Detroit Industry is displayed in the Detroit Institute of Arts on all 4 walls of 1 room. It took him roughly 9 months to complete all 27 panels. This work was paid for by EDSEL FORD (the man who bears the same name as our high school). Many of the murals during this time period were paid for by the Federal Government.