Changes in US Economy

By MicaylaAnn
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    US Economy

  • Passes a Law

    In June, Massachusetts passes a law ordering all Roman Catholic priests to leave the colony within three months, upon penalty of life imprisonment or execution. New York then passes a similar law. This will effect the future economy. I think this was a time of slight depression. Not entirely at a depression but slowly making its way down there. I say this because so many things were changing and happening at onces. Laws were being passed that upsetted most people.

  • The English Parliament

    The English Parliament passes the Declaratory Act stating that the British government has total power to legislate any laws governing the American colonies in all cases whatsoever. this will effect the economy because of the laws being passed and them not having control of themselves. Again, i feel like this is a time heading towards depression because everything is happening all at once. I feel like laws were being past left and right and people couldn't keep up.

  • Tea Act

    The Tea Act takes effect. It maintains a threepenny per pound import tax on tea arriving in the colonies, which had already been in effect for six years. This will effect the economy because people are going to have less and less money. I feel this is heading for depression because if people are paying all this money on taxes they won't have any spending money.

  • Start

    the First Continental Congress meets in Philadelphia with 56 delegates, representing every colony, except Georgia. This could possibly help the economy but i still think they are heading towards a depression.

  • End

    The First Continental Congress meets in Philadelphia with 56 delegates, representing every colony, except Georgia. This will effect the economy because of the expenses and also it will effect the future economy on their choices and or laws they pass. Slowly heading towards a depression because again, everything is happening soo fast. And now people are traveling to places. On the other hand this might help the economy because people are finally going to be able to talk.

  • Depression

    Americans suffer from post-war economic depression including a shortage of currency, high taxes, nagging creditors, farm foreclosures and bankruptcies. This will effect the economy because people and businesses will be out of work which will continue to effect everyone around them. Plus the constant loss of money. This is definitely a depression, too many people were out of work and out of money. Also, businesses were losing money too.

  • Tax law

    Congress passes its first tax, an 8.5 percent protective tax on 30 different items, with items arriving on American ships charged at a lower rate than foreign ships. This will effect the economy because the people will have to pay more for taxes which for some people might put them in "debt". During this time they were on their way into a depression because of the tax laws people will be spending more money than they used to.

  • War

    War of 1812 with Britain. This will effect the economy because of the amount of money it takes to fund the war. This didn't help out economy at first but after the war things started to get better. New businesses were opening and people were slowly getting back on track.

  • Slavery

    Slavery illegal in New York. This will effect the economy because most plantation owners rely on slaves to do the majority of the work. If the slaves aren't forced to work the production of cotton, etc..will decrease. And if this decreases then the amount of money will also decrease. We were slowly recovering. This helped the economy because we had more people doing jobs no one else would do. Which means we made more money.

  • Depression

    Depression begins. This will have a major inpact on the economy because many people will lose their jobs and a bunch of businesses will be out of business which will effect the people. The slow recovery didn't last long when we hit another depression.

  • War

    War with Mexico. This will effect the economy because of the expenses of the war. After the war things typically tend to get better. I think this was a time of slow recovery.

  • Wounded Knee

    December, Battle of Wounded Knee – 200 Native American women and children massacred by U.S. troops. This will effect the economy because of the expenses it will take to have everything they need at the battle. Again, the war may seem like a bad thing at first but afterward there is a chance things can get better. I think this was a time of slow recovery.

  • Financial Panic

    The Financial Panic of 1901. This will effect the economy because if people are having financial problems then they won't be spending money at businesses and if businesses don't have enough people buying their products they could very well go out of business.This put us in a panic but we were still on our way to recovery.

  • Wright Brothers

    WRIGHT BROTHERS FIRST FLIGHT. This will effect the economy because of all the expenses it took for all the test trials. Also this will effect the future economy because it will eventually evolve into a better "flight" causing people to spend money on tickets to go around the world. This was a time of "peak" because things continued to go right and people were continuing to spend money.

  • Debt

    U.S. political financial debt is approximately $2.6 billion. This will effect the economy greatly because being in debt can put people and or businesses out of jobs/work. Which could put other people or businesses out of jobs/work and so on.

  • War

    Congressional legislators declare war to enter World War I. The expenses of the war will effect the economy. The tax payers won't have extra spending money to go buy from stores and what not which could hurt their business greatly. War may seem like a bad thing but we are somewhat recovering.

  • Women Rights

    Women are given the right to vote when the 19th Amendment to the United States constitution grants universal women's suffrage. This will effect the economy because now women have the right to vote and some what control the outcome of some things reguarding the economy and where money is spent.

  • Time Magazine

    Time Magazine is published for the first time. This will effect the economy because it is a new thing being published which will interest several hundred people who will eventually buy this and the magazine will make a good profit.

  • Civil War in China

    The civil war in China prompts one thousand United States marines to land in order to protect property of United States interests.This will effect the economy greatly if some of the United States interests are ruined because of the war. Also the expenses to go over there and protect the interests will effect the economy. This was still a time of recovery.

  • Debt

    U.S. political financial debt is approximately $5.7 trillion. This is going to greatly effect our economy just like any other debt. It will put people and businesses out of jobs and work.

  • Debt

    U.S. political financial debt is approximately $7.9 trillion. Again, this will put people and businesses out of work which could cause a spiraling effect. We are in some what of a recession. Businesses are opening and the uneployment rate is decreasing.

  • Recession

    Recession officially begins in December. This will slowly effect the economy as things start to get back on track and new businesses will open up offering people work.

  • Hurricane

    Hurricane Ike kills 100 people along the Texas coast, produces $31 billion in damage, and contributes to rising oil prices. The expenses to repair all the damage and the rising oil prices will have a huge inpact on the economy.