New deal or NO deal? Before Covid, two major economic crises of the last century were the Great Depression of 1929 and the financial crisis of 2008-2009. In Both cases, the U.S. Economy was severely hit and entered a phase of prolonged recession. The federal government's response to these two events was radically different, however. The democrat Franklin D. Roosevelt introduced the "New Deal", a massive government spending program to boost economic activity in the aftermath of the 1929 depression. However, his distant successor, Barack Obama, followed a much more restrained "quantitative easing" approach inspired by the trickle-down economics of the post 1980 era. Firstly, I want you to briefly read up on these two approaches and identify some of their commonalities and differences. In particular, what were their effects on Aggregate demand and through what mechanisms (what components of AE) did they try to create that effect. Secondly, I want you to consider the social welfare implications of these two programs. Who were the winners and losers of these two policies? The rich or the poor? What were the effects they had on income inequality and the living standards in the U.S.? Based on this exercise, what do you think the relative weakness and strengths of these two programs and which one you think is a better approach? Please feel free to provide supporting charts, tables and other documents justifying your answers. Also, be sure to make your responses brief and concise while addressing the main points asked here.