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Oct 29, 1029
Black Tuesday
The Stock Market crashes and starts the Great Depression. -
Dust Bowl Begins
Severe drought hits the Midwest and Southern Plains. -
Black blizzards
Drought hits hard. Crops die and the “black blizzards” begin. Dust from the over-plowed and over-grazed land begins to blow. -
Bank of the United States fails
The fourth largest bank in the US fails. The bank had more than $200 million in deposits when it failed. This was the largest bank failure in the history of the US. Unemployment Rate: 16.3% -
More dust storms
Fourteen dust storms are reported in 1932. There will be 38 the next year. -
The New Deal
Roosevelt's program to save the "forgotten man" included several programs. Much work was done during his first 100 days as President. The first priority was to provide relief. Agencies like the Works Progress Administration (WPA) and the Civilian Conservation Corps (CCC) were created to give emergency and short-term governmental aid and to provide temporary jobs, employment on construction projects. -
Reconstruction Finance Corporation
Congress creates the Reconstruction Finance Corporation to lend $2 billion to financial institutions from failing further. -
Revenue Act
President Hoover signs the Revenue Act of 1932 and increases the top income tax rate to 63%. He thought this would reduce the deficit but actually this makes the depression worse. -
President Roosevelt is elected
FDR defeated Hoover in a landslide. Unemployment rate: 23.6% -
Fireside chats
A series of broadcasts from President Roosevelt's home begin. He would keep the country updated on the governments plans to fight the depression. -
Beer-Wine Revenue Act
The Beer-Wine Revenue Act taxes alcohol sales and raises funds. Prohibition will be repealed with the 21st Amendment. -
Construction Jobs
The Civil Works Administration creates 4 million jobs. Dust storms hit Oklahoma and surrounding states. Unemployment rate: 24.9% -
Dust storms and drought
Dust storms spread from the Dust Bowl area. The drought is the worst in U.S. history More than 75 percent of the country is covered and 27 states severely affected. -
Black Sunday
The worst dust storms hits, called Black Sunday. FDR creates the Soil Conservation Act to help farmers learn how to farm sustainably. -
Regulations
The Federal Housing Administration proved federal mortgage insurance and the Securities and Exchange Commission begins to regulate the stock market. Unemployment rate: 21.7% -
Social Security Act
Elderly, blind and disabled Americans are provided income through the Social Security Act. The money comes from payroll taxes and the Social Security Trust Fund. Unemployment rate: 20.1% -
Works Progress Administration
The Emergency Relief Appropriation creates the Works Progress Administration, hiring 8.5 million people to help with unemployment. -
FDR reelected
President Roosevelt is elected to his second term as President. By the end of the year thousands have died as a result of the heat waves. Unemployment rate: 16.9% -
Growth
The economy starts to grow and eventually the country pulls out of the Great Depression. Unemployment rates are still very high. Unemployment rate: 19% -
Federal Security Agency
In order to help people get back on their feet the Federal Security Agency is made. Federal education funding, food, drug safety and Social Security are offered. -
World War II
Hitler invades Poland and starts World War II. The military arms embargo is removed to France and Britain to support them during the war. From 1939 until 1941 manufacturing in the US increases to 50%. Unemployment rate: 17.2% -
Rain
Rain finally comes in the fall of 1939. -
US enters the war
After the bombing of Pear Harbor by Japan the United States enters the war.
By the end of the war the US becomes the only economic superpower in the world.