Kuala Lumpur and Sydney — Almost nine decades ago, newly elected US President Franklin Roosevelt introduced the New Deal in 1933 in response to the Great Depression. The New Deal consisted of a number of mutually supportive initiatives, of which the most prominent were: a public works programme financed by budget deficits; a new social contract to improve living standards for all working families, including creation of the US social security system; and financial regulation to protect citizens' assets and channel financial resources into productive investments.
The New Deal was effectively a fiscal stimulus for recovery, employment, development and environment goals. The Citizens Conservation Corps (CCC) created two million jobs in environmental projects for young Americans aged 18-25 years when the US population was 125 million.
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