President Woodrow Wilson’s New Freedom Honors American History 8.5.
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Transcript of President Woodrow Wilson’s New Freedom Honors American History 8.5.
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President Woodrow President Woodrow Wilson’sWilson’s
New FreedomNew FreedomHonors American History
8.5
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The Democratic Party &Governor Woodrow
Wilson (NJ)
The Democratic Party &Governor Woodrow
Wilson (NJ)
Could he Could he rescue the rescue the Democratic Democratic Party from Party from “Bryanism”??“Bryanism”??
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Democratic Party PlatformDemocratic Party Platform
Government control of the Government control of the monopolies monopolies trusts in general were bad trusts in general were bad eliminate them!! eliminate them!!
Tariff reduction.Tariff reduction.
One-term President.One-term President.
Direct election of Senators.Direct election of Senators.
Create a Department of Labor.Create a Department of Labor.
Strengthen the Sherman Anti-Strengthen the Sherman Anti-Trust Act.Trust Act.
Did NOT support women’s Did NOT support women’s suffrage.suffrage.
Opposed to a central bank.Opposed to a central bank.
NNeeww
FFrreeeeddoomm
NNeeww
FFrreeeeddoomm
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An Actual 1912 BallotAn Actual 1912 Ballot
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Election ResultsElection Results
By 1912, 100,000 fewer people had voted By 1912, 100,000 fewer people had voted for Wilson than had voted for Bryan in for Wilson than had voted for Bryan in 1908.1908.
The 1912 election marked the apogee of The 1912 election marked the apogee of the Socialist movement in America.the Socialist movement in America.
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GOP Divided by Bull Moose
Equals Democratic Victory!
GOP Divided by Bull Moose
Equals Democratic Victory!
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The New Freedom The New Freedom PlatformPlatform
• Underwood Tariff Act of 1913• Sixteenth Amendment (Ratified 1913)• Bust the Trusts!
– Federal Trade Commission (FTC)• Consumer Protection
– Clayton Antitrust Act• Protects labor unions
– Adamson Act – Eight-hour workday (railroads)
• Regulate the Banks! (Federal Reserve Act)
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Clayton Anti-Trust Act
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A Progressive Income A Progressive Income TaxTax
The Bush Tax Brackets
2008 - SingleIf your taxable income is between . . . Your rate is . . .
$0 $8,025 10%
$8,025 $32,550 15%
$32,550 $78,850 25%
$78,850 $164,550 28%
$164,550 $357,700 33%
$357,700 Above 35%
Upper Bracket under Clinton was 39.6%
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Who Pays Taxes?Who Pays Taxes?
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The Federal Reserve The Federal Reserve SystemSystem
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Twelve Fed BanksTwelve Fed Banks
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The Tools of Monetary The Tools of Monetary PolicyPolicy
• Open Market Operations– Purchase and sale of
U.S. Treasury and federal securities
• Discount Rate– Rate charged to
member banks to borrow from the discount window
• Reserve Ratio– The amount of funds
a member bank must hold in reserve against deposited liabilities
The Fed seeks to balance
unemployment and
inflation and sustain long
term economic growth.
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The Fed Discount RateThe Fed Discount Rate(From 1976 – 2004)(From 1976 – 2004)
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Federal Reserve Federal Reserve ChairmanChairman
• Ben Bernanke– Graduate of
Harvard University
– Professor from Princeton University