They feared his experiments, were appalled because he had taken the Nation off the gold standard and allowed deficits in the budget, and disliked the concessions to labor. Roosevelt responded with a new program of reform: Social Security, heavier taxes on the wealthy, new controls over banks and public utilities, and an enormous work relief program for the unemployed... displayed 300 characters
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Feeling he was armed with a popular mandate, he sought legislation to enlarge the Supreme Court, which had been invalidating key New Deal measures. Roosevelt lost the Supreme Court battle, but a revolution in constitutional law took place. Thereafter the Government could legally regulate the economy... displayed next 300 characters
The White House estimates the budget deficit for 2003 will be $307 billion, and drop to $304 billion in 2004.Furthermore, the exchage rate for US dollars is weakening continuesly and the Euro is strengthening greatly because of american so massive current account and budget deficits...
However, up until 1975, the U.S. annual deficit has been rather miniscule compared to today’s standards. In 1975 is when the U.S. incurred a deficit that was almost as large as that of the worst “war-time” year, 1943 (Adamson, 2008)...
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