On this day in 1933, at the height of the Great Depression, Franklin Delano Roosevelt is inaugurated as the 32nd president of the United States. In his famous inaugural address, delivered outside the east wing of the U.S. Capitol, Roosevelt outlined his "New Deal"--an expansion of the federal government as an instrument of employment opportunity and welfare--and told Americans that "the only thing we have to fear is fear itself." Although it was a rainy day in Washington, and gusts of rain blew over Roosevelt as he spoke, he delivered a speech that radiated optimism and competence, and a broad majority of Americans united behind their new president and his radical economic proposals to lead the nation out of the Great Depression. Roosevelt had no trouble defeating President Herbert Hoover, who many blamed for the Depression, and the governor carried all but six states. During the next four months, the economy continued to decline, and when Roosevelt took office on March 4, 1933, most banks were closed, farms were suffering, 13 million workers were unemployed, and industrial production stood at just over half its 1929 level. Aided by a Democratic Congress, Roosevelt took prompt, decisive action, and most of his New Deal proposals, such as the Agricultural Adjustment Act, National Industrial Recovery Act, and creation of the Public Works Administration and Tennessee Valley Authority, were approved within his first 100 days in office. Although criticized by many in the business community, Roosevelt's progressive legislation improved America's economic climate, and in 1936 he easily won reelection.
This Day In History: March 4
