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===New Deal===

===New Deal===

During the 1930s [[Franklin Roosevelt]]'s [[New Deal]] was opposed by many conservatives because it expanded the scope of the federal government, and regulated the economy. In general Roosevelt did not raise taxes above the high levels Hoover had set; the national debt changed little from 1933 to 1940 as a proportion of GDP.<ref> Stein, ''Presidential Economics: The Making of Economic Policy From Roosevelt to Clinton'' (1994)</ref>  

During the 1930s [[Franklin Roosevelt]]'s [[New Deal]] was opposed by many conservatives because it expanded the scope of the federal government, and regulated the economy. In general Roosevelt did not raise taxes above the high levels Hoover had set; the national debt changed little from 1933 to 1940 as a proportion of GDP.<ref> Stein, ''Presidential Economics: The Making of Economic Policy From Roosevelt to Clinton'' (1994)</ref>  

Roosevelt's Treasury Secretary, [[Henry Morgenthau, Jr.]] believed in balanced budgets, stable currency, reduction of the national debt, and the need for more private investment. Morgenthau accepted Roosevelt’s  double budget as legitimate–that is a balanced regular budget, and an “emergency” budget for agencies, like the [[WPA]], [[PWA]], and [[Civilian Conservation Corps|CCC]], that would be temporary until full recovery was at hand.  He fought against the veterans’ bonus until Congress finally overrode Roosevelt’s veto and gave out $2.2 billion in 1936. Morgenthau's most notable achievement was the new [[Social Security]] program; he managed to reverse the proposals to fund it from general revenue and insisted it be funded by new taxes on employees.  Morgenthau insisted on excluding farm workers and domestic servants from Social Security because workers outside industry would not be paying their way.<ref>Zelizer, "The Forgotten Legacy of the New Deal: Fiscal Conservatism and the Roosevelt Administration, 1933-1938." (2000).</ref>

Roosevelt's Treasury Secretary, [[Henry Morgenthau, Jr.]] believed in balanced budgets, stable currency, reduction of the national debt, and the need for more private investment. Morgenthau accepted Roosevelt’s  double budget as legitimate–that is a balanced regular budget, and an “emergency” budget for agencies, like the [[WPA]], [[PWA]], and [[Civilian Conservation Corps|CCC]], that would be temporary until full recovery was at hand.  He fought against the veterans’ bonus until Congress finally overrode Roosevelt’s veto and gave out $2.2 billion in 1936. Morgenthau's most notable achievement was the new [[Social Security]] program; he managed to reverse the proposals to fund it from general revenue and insisted it be funded by new taxes on employees.  Morgenthau insisted on excluding farm workers and domestic servants from Social Security because workers outside industry would not be paying their way.<ref>Zelizer, "The Forgotten Legacy of the New Deal: Fiscal Conservatism and the Roosevelt Administration, 1933-1938." (2000).</ref>