Remains of Roosevelt's Alphabet Soup

It is amazing how the things people came up with hundreds of years ago can last into the modern era. Some things are bad like the lasting racism created by slavery and some are good like the Declaration of Independence, Baseball, and the New Deal.

One can never quite imagine life without something they never knew but in the 1920s, people had no idea what Social Security was, or the FDIC, or the Securities and Exchange Commission. These things all came out of FDR's New Deal plan to help people and they have continued to help people to this day.

Social Security was created to be a much needed safety net for the elderly and the disabled. It does this by taxing employers and employees to fund benefits. This idea is one thing that helps people in the modern era to be able to retire. The FDIC is another safety net Roosevelt created that we have maintained as a necessity to this day. The FDIC (Federal Deposit Insurance Corporation) is what allowed people to trust their banks and continue trusting their banks after the Depression. This is because the FDIC insures deposits in Federal Reserves member banks. This way, even if the banks should fail, the depositors will not lose their savings. Over the years, the amount of money insured by the banks, should they fail, has grown from $2,500 to $250,000. The Social and Exchange Commission was created so people would be able to regain confidence in the Stock Market. It regulates and oversees stock traders to ensure everybody's information is equally open and there won't be another over speculation incident as before. It is the reason you can find published information about a stock you are interested in and why you can trust that information.

The Great Depression made issues like the lack of retirement funds, as well as the dangers of uninsured banks and insider trading/ unequal access to information about stocks apparent and FDR's new deal made leaps and bounds towards solving these issues in such an efficient way, these are problems hard to imagine for modern generations because they were fixed before us and they have lasted to act as a safety net to our finances.

Sources:
https://www.thoughtco.com/new-deal-programs-still-in-effect-today-4154043