Overview for the great depression
The Great Depression started in 1929 and continued until approximately 1939. This depression was the largest downfall that America's economy has ever gone through. After World War I, American citizens voted for three conservative presidents in a row, during the "Roaring Twenties"; President Harding, Coolidge, and Hoover. These three presidents were not the same as any other. They believed in "Laissez Faire" and "Rugged Individualism", which both made a huge impact in starting the Great Depression. The Stock Market Crash of 1929 was another contribution to the worsening economy. Once the market crashed, everyone else was effected too. This weakened the banks in America, which then impacted all of the citizens. Once banks started closing down, people would try to take their savings out quickly before they ran out of time, known as a "bank run". This made the crisis even worse, adding onto the 11,000 out of 25,000 banks that failed in the United States. Many Americans did not end up receiving their money though, there was $140 billion worth of deposited money lost. As more and more businesses failed, the unemployment rate was at a rapid increase. There was a 25 percent unemployment rate and an additional 25 percent that had reduced hours or wage cuts. There was also more impacts towards the economy from the Great Depression other than just unemployment. For instance, 50 percent of children did not have acceptable shelter, food or medical care. Also, 50 percent of senior citizens lived in poverty. The "Roaring Twenties" is actually an illusion to many people, so they call it the "False Prosperity" instead. It's an illusion because all of the wealthy citizen's incomes increase by 75 percent, while the rest of the citizen's incomes increased by only 9 percent. This wealthy class was only 1 percent of the nation while people who received an increase of 9 percent were the other 99 percent. So the illusion is that everyone was succeeding during the 20s when really only that small wealthy portion was.
When President Franklin D. Roosevelt took office, he was expected to fix everything, cleaning up all of President Hoover's issues (mostly President Hoover). He was the complete opposite of Hoover, his economic belief was the "New Deal", consisting of relief, recovery, and reform (talked about more on pages 5-6). With that belief came his idea of the "Safety Net", which protected families within the United States (talked about more on page 5). Once the Great Depression was resolved, many people had their own opinions about whether President Franklin Roosevelt fixed the problems fast enough or not.
When President Franklin D. Roosevelt took office, he was expected to fix everything, cleaning up all of President Hoover's issues (mostly President Hoover). He was the complete opposite of Hoover, his economic belief was the "New Deal", consisting of relief, recovery, and reform (talked about more on pages 5-6). With that belief came his idea of the "Safety Net", which protected families within the United States (talked about more on page 5). Once the Great Depression was resolved, many people had their own opinions about whether President Franklin Roosevelt fixed the problems fast enough or not.
Timeline of Major Events During the Great Depression
March 1929- Herbert Hoover was elected president.
October 1929- Stock Market Crash
March 1930- More than 3.2 million people are unemployed.
1932- Unemployment had increased between 12 and 15 million workers (About 25 percent).
1932- Franklin D. Roosevelt was elected president.
March 1933- President Herbert Hoover was out of office.
May 1934- A 3-day dust storm blew soil southwest and west and deposited it far east.
1935- The FDIC and Bank Reform
1935- The SEC (Stock Market Reform)
1935- The Civilian Conservation Corps (CCC) and the Works Progress Administration (WPA)
1935- The Social Security Act of 1935 was signed.
1936- Roosevelt was reelected.
1939- The Great Depression ends.
1940- Roosevelt was reelected.
1944- Roosevelt was reelected.
March 1929- Herbert Hoover was elected president.
October 1929- Stock Market Crash
March 1930- More than 3.2 million people are unemployed.
1932- Unemployment had increased between 12 and 15 million workers (About 25 percent).
1932- Franklin D. Roosevelt was elected president.
March 1933- President Herbert Hoover was out of office.
May 1934- A 3-day dust storm blew soil southwest and west and deposited it far east.
1935- The FDIC and Bank Reform
1935- The SEC (Stock Market Reform)
1935- The Civilian Conservation Corps (CCC) and the Works Progress Administration (WPA)
1935- The Social Security Act of 1935 was signed.
1936- Roosevelt was reelected.
1939- The Great Depression ends.
1940- Roosevelt was reelected.
1944- Roosevelt was reelected.