-
1915-1948 Family Appearance Changing Overtime
Bottom Left Picture: Not many economic problems
Top Left Picture: No technology: harsh economic time
Top Right Picture: Families own radio
Bottom Right Picture: Families own TV -
Period: to
The Gold Ol' Days
-
Federal Trade Commission Organizes
The Federal Trade Commission's mission was to protect consumers and promote competition. GDP Rate: NA -
World War 1 Ends
Germany, Austria-Hungary, Bulgaria and the Ottoman Empire (the Central Powers) fought against Great Britain, France, Russia, Italy, Romania, Japan and the United States (the Allied Powers).On November 11, 1918 World War 1 ended. GDP Rate: NA -
Stamps Cost 5 Pfennings
By the end of 1923 stamps cost 10 billion marks -
The Forgotten U.S. Depression Ends
In July 1921, the U.S. depression ended. The recession of 1920–21 was characterized by extreme deflation, The largest one-year percentage decline in around 140 years. -
The Roaring Twenties
The U.S. was converting from a wartime economy to a peacetime economy. There was a temporary stall in the economy. During the 1920s, many Americans had extra money to spend, and they spent it on consumer goods. GDP Rate: NA -
1929 Events
Black Tuesday”- worst day of market crash- 16 million shares dumped on market
Wall Street- prices plunged $14 million
1929-1932- American Imports fell 40%- depression mainly
The tariff act contributed to 5%^^^
1929: Oct. 29 Wall Street crashes “Black Tuesday”
Beginning of 12 year Great Depression
1929: Stocks prices started falling & market crashed
1929: Black Thursday
Stocks went down by 80% from their highs in the late 20’s
Demand for goods declined GDP Rate: NA
Unemployment Rate: 3.2% -
1932 Events
1932- An emergency austerity budget with tax rises and spending cuts put in place
1932 March 4- The Pecora Investigation Began:
Investigate causes of Wall Street falling
1932: Great Depression worsens; banks fail (25% unemployed)
1932: L.A. Olympic Games:
Affected economy because the games brought people from all over the world that was able to buy from our stores GDP Rate: -12.9%
-Hoover tax hikes
Unemployment Rate: 23.6% -
1933 Events
1933 June 5- Congress voided all gold clauses in public and private debts
US went off the gold standard
1933: Congress passes Emergency Banking Act
Federal Deposit Insurance Corporation(FDIC- protect depositors against bank failure
Glass-Steagall Act restricts banks from entering risky business
1933: March
Banks ceased to function
Depositors had seen $140 billion disappear when banks failed
Checks were useless GDP Rate: -1.3%
-New Deal
Unemployment Rate: 24.9% -
1935 Events
1935: Social Security Bill- supported large part by tax and wage from US
-Provide employment
-Congress passed Banking Act by giving Federal Reserve authority to stabilize economy GDP Rate: 8.9%
-Social Security
Unemployment Rate: 20.1% -
1937
1937 April 26- Roosevelt distributes nations first Social Security checks GDP Rate: 5.1%
-Depression Returned
Unemployment Rate: 14.3% -
1939
1939: Gold standard intended to keep government spending & inflation in check
-Gold standard significantly restricted possibilities for policy making GDP Rate: 8.0%
-WWII; Dustbowl Ended
Unemployment Rate: 17.2% -
The U.S. Enters WWII
WWII causes economic boom- ends Great Depression
Expanded production brings nation close to full employment
Wage and price controls fight wartime inflation GDP Rate: 17.7%
-Pearl Harbor
Unemployment Rate: 9.9% -
WWII Ends
In this time, WWII ends and all the newly intorduced technology used for war are no longer needed in such extream. GDP Rate: -1.0%
-WWII Ended; Recession
Unemployment Rate: 1.9% -
1946
1946 July-Hungary’s hyperinflation peaked at 42 quadrillion per-cent a month. GDP Rate: -11.6%
-Budget Cuts
Unemployment Rate: 3.9% -
Other countries dealing with the economy
The Federal Republic of Germany defaulted on its sovereign debt. The Cohn-Dodge-Goldsmith-Plan was implemented in the summer to put the currency reform into place. GDP Rate: 4.1%
-Recession
Unemployment Rate: 4.0%
