Final answer:
The major legacy of the New Deal includes the expansion of the U.S. government's role in the economy, the establishment of social welfare programs like the FDIC and the Social Security Administration, the practice of deficit spending, the Fair Labor Standards Act, and the founding of the Securities and Exchange Commission (SEC).
Step-by-step explanation:
Legacy of the New Deal
A major legacy of the New Deal is the transformation in the role of the U.S. government within the economy and society. The New Deal, implemented by President Franklin D. Roosevelt in response to the Great Depression, marked a significant departure from previous governmental policies by establishing an array of social welfare programs, economic reforms, and regulations.
Key accomplishments include the establishment of the Federal Deposit Insurance Corporation (FDIC) and the Social Security Administration, both of which provide financial security to millions and remain cornerstones of the U.S. economic system. The New Deal also introduced the concept of deficit spending, a practice of spending more money than the government receives in revenue, which facilitated recovery from the Great Depression and became a standard economic policy tool.
The introduction of the Fair Labor Standards Act, which set minimum wage, working hours, and child labor standards, shifted the expectations for labor conditions and set the foundation for future labor rights advancement. These measures helped solidify the government's role in providing economic security and a safety net for its citizens, which has continued to influence political thought and policy into the contemporary era.
Finally, the enactment of regulatory institutions such as the Securities and Exchange Commission (SEC) not only fostered confidence in the financial markets but also laid the groundwork for fair and efficient market practices.
While the legacy of the New Deal can be debated, its lasting impact on American political, social, and economic life is indisputable. The expansion of the federal government's role, the creation of a social welfare state, and the establishment of programs that endure to this day are testimonies to the enduring effects initiated by Roosevelt's New Deal.