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The Wall Street Crash Sparks The Depression
The Wall Street Crash of 1929, also known as the Great Crash, the Crash of 29, or Black Tuesday, was a major American stock market crash that occurred in the autumn of 1929. It started in September and ended in mid-November, when share prices on the New York Stock Exchange collapsed. -
Smoot-Hawley Tariff Act
Its aim was to support farmers, but hundreds of other goods ended up having tariffs imposed. This impacted international trade which began to fall, since other countries reacted to these tariffs. -
Unemployment Rate
8.7% – the economy would shrink by 8.5% and prices fell by 6.4%, firmly allowing inflation to sink in. -
Banks Collapse
The fourth largest bank in the United States, the Bank of the United States, fails, causing the biggest failure in a bank at the time. President Hoover then brought the top income tax rate up to 25% as he was concerned about budget deficits. -
Food Riot
In Minneapolis, food riots erupt as people struggle for food. A few hundred people smash the windows of a grocery market, taking bacon, ham and canned goods with them as they run away. -
President Roosevelt is Elected
In one of the key events in this Great Depression timeline, Democratic candidate Franklin D. Roosevelt is elected President of the United States after defeating Herbert Hoover in a landslide victory. Roosevelt got 22,800,000 popular votes, compared to Hoover who got 15,750,000. -
Black Sunday
April 15: Known as Black Sunday, the worst dust storm hits the United States. In order to help farmers learn how to work sustainably, President Roosevelt introduces the Soil Conservation Act. -
Spending on New Deal Programs Cut
This year, President Roosevelt had the difficult task of having to manage the debt, but also try to keep the economy out of the depression. In an attempt to relieve the country’s debt, he cut back spending on the New Deal programs, which ultimately pushed the economy back into the depression. In the end, after a $5 billion relief program was enacted by Congress, the economy grew by 5.1%. -
Economic Growth
The economy started to grow again this year, eventually bringing the country out of the Great Depression. However, unemployment rates were still extremely high. -
United States Enters The War
When the United States enters the war following the Japanese attack on Pearl Harbour, the country is finally able to get out of the Great Depression by mobilising for war.