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WW1 Effect: Federal Spending Increases
Due to World War 1, the federal spending increases by 3 times the tax collections. -
Bank Shut Down
600 banks shut down, due to demand of money. -
Period: to
Great Depression/Great Boom
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$35 Million War Debt
Due to the war, it was estimated that $35 million of debt was created to the war. -
19th Amendment Ratified
19th Amendment ratified to allow women to vote -
Railway Settlement Act
A company, the Newfoundland Railway adds debt to US Government. Railway Settlement Act created to take control by government to reduce debt. -
Calvin Coolidge Elected President
Calvin Coolidge becomes the 30th president of the United States. -
Air Commerce Act
Air Commerce Act is passed, providing support to the airline industry. -
Hoover Dam
The US Congress approves the construction of the Hoover Dam. -
Herbert Hoover Presidency
Herbert Hoover becomes the 31st president of the United States. -
Postwar Prosperity Ends
Postwar economic tragedy starts for the US Government. -
Stock Market Crashes
On Black Tuesday, there were more stocks being sold than stocks being purchased. Due to this crisis, the stock market crashed. -
Great Depression Starts
As a result of the stock market crash, the Great Depression started. -
9,000 Banks Officially Close
Due to the stock market crash, great depression, and world war 1, 9,000 banks close due to financial issues. -
Unemployement of America
Nearly 15 million, quarter of the population of the United States during the time, were unemployed. -
Droughts/Storms
Droughts and storms take place and ruin the enviornment causing more havoc to the Great Depression. A famous event that happened later was the Dust Bowl of 1935.
