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Signed Tariff Act
The tariff act known as the Smoot–Hawley Tariff raised U.S. tariffs on over 20,000 imported goods. The act was one that implemented trade policies and was sponsored by Senator Reed Smoot and Representative Willis C. Hawley. -
Bank collapses
New York's Bank of United States collapses making it the largest bank failure and caused the economy to riot over the money. -
High Point of Unemployment
At this point, the great depression began to break out and people began to suffer while the economy shrank 6.4 percent and unemployment rate rose to 15.9 percent as well as prices falling another 9.3 percent. -
Dust Storms Interrupt
Fourteen dust storms hit the Midwest causing the economy to shrink 12.9 percent, unemployment rise to 23.6 percent, and prices fall 10.3 percent. -
Revenue Act
Hoover signed the Revenue Act of 1932 in order to to reduce the federal deficit caused by previous events . It increased the top income tax rate to 63 percent and with higher taxes, they worsened the Depression. -
First 100 Days
During Roosevelt’s first 100 days in office, his administration passed legislation that aimed to stabilize industrial and agricultural production, create jobs and encourage recovery from the depression. -
Launch of the New Deal
The new Deal was a series of programs, public work projects, financial reforms, and regulations made by President Franklin D. Roosevelt in order to reform and recover from the Great Depression. -
Economy in 1934
The economy grew 10.8 percent in response to the New Deal Programs while unemployment fell to 21.7 percent, prices rose 1.5 percent and debt rose to $27 billion. -
Black Sunday
Black Sunday had the worst dust storm ever leading to FDR passing the Soil Conservation Act to teach farmers sustainable methods and help them and the economy through the horrible dust storm. -
Security and Exchange Commission
This event regulated the stock market ans helped to increase the standard of living during the Great Depression. -
More jobs, Less Unemployment
The Emergency Relief Appropriation created the Works Progress Administration to hire 8.5 million people and boost the economy by creating jobs so that the unemployment rate can decrease. -
Social Security Act
Social Security Act provided income to the elderly, the blind, the disabled, and children in low-income families.Social Security remains one of the nation's most successful, effective, and popular programs which shows the effect it has on todays and the 1930's economy. -
Heat Waves
Throughout the months of June, July and August, the hottest records of summer began leading to deaths and FDR raised the top tax rate to 79 percent. The economy grew 12.9 percent,unemployment shrank to 16.9 percent,prices rose 1.4 percent and debt grew to $34 billion. -
Recession
During this time, many acts were placed so that FDR could cut spending to reduce the debt, putting them back into the depression.
- Federal National Mortgage Association
- New Agricultural Adjustment Act
- Wagner-Steagall Act -
Market to Market Accounting
FDR put an end to market to market accounting forcing banks to write down their real estate as values fell. FDR's new rule allowed them to keep these assets on their books at historical prices which made it easier to check financial problems. -
Return on the Drought
The Federal Security Agency was launched to administer Social Security, federal education funding, and food and drug safety, but even with the drought returning, the depression was ending. -
Embargo to France and Britain
FDR convinced Congress to repeal the U.S. military arms embargo to France and Britain. This was the start of wars and caused the economy to break again in the 1940's. Economy grew 8 percent, unemployment fell to 17.2 percent, and prices remained flat. The debt rose to $40 billion.
