ECON 2200 Chapter Notes - Chapter 24: Fair Labor Standards Act, National Labor Relations Act, Second New Deal
9 Feb 2017
School
Department
Course
Professor
Document Summary
Please cover on your own: labor and the new deal (p. 455-458)*** Impact of new deal labor policies on union growth & effectiveness. National labor relations act (wagner act) (1935) The second new deal (1935-1941): the social security act of 1935: federal old age and survivors" insurance (social security) Originally like a private insurance program or pension: goals: individual equity: benefits linked to past earnings/contributions. Fdr quote workers felt they had a right to benefits because they had contributed social adequacy: adequate pension benefits for low-earning contributors redistributive motive redistribution of income from high- earners to low-earners. Provides short-run payments to unemployed workers (typically because of lay-offs) Federal program administered by the states: federal government sets and collects ui tax, states determine eligibility & benefits (based on broad federal guidelines) Ui payments (in total) increase during recessions, and this supports ad and keeps income from falling as much: criticisms of the new deal (p. 461-463)
