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The Great Depression

By Maitha Sultan Alzaabi

  • 1920

    1920
    The time of the first world war,spending money was easy,it was larger than tax collections.The war economy invested heavily in manufacturing.The next decade had a massive change in productivity,on certain sectors in the economy.On average 600 banks fail a year.Labor declined over the decade,making the mining factory fall.By the end of the decade,80 percent of all income-earners were removed from the tax rolls.Taxes rose throughout the decade.
  • Period: to

    The timeline of Great Depression

    The events that occur that make the cause an affect of the Great Depression

  • 1922

    1922
    The conservative Supreme Court pinned down federal child labor legislation meaning that children the employment of children under sixteen years of age was prohibited in manufacturing and mining

  • 1923

    1923
    President Warren Harding dies,and Calvin Coolidge becomes president. And it made the Supreme Court void in minimum wage for women in Columbia.

  • 1924

    1924
    The stock market begins to rise. Which makes a relation to the rest of the economy.

  • 1925

    1925
    The top tax rate is lowered to 25 percent in the eight decades since World War I.

  • 1928

    1928
    The average prices of stocks rose up to 40 percent

  • 1929

    1929
    Herbert Hoover becomes President,Annual per-capita income is $750. More than half of all Americans were living below a minimum maintaining level.Business inventories grew three times larger than the year before.Recession begins in August, two months before the stock market crash,production declined at an annual rate of 20 percent.Losses for the month will total $16 billion, an astronomical sum in those days.

  • 1930

    1930
    By February, the Federal Reserve has cut the prime interest rate from 6 to 4 percent. Treasury Secretary Andrew Mellon announces that the Fed will stand by as the market works itself out. The consensus of modern economists is that the tariff made only a minor contribution to the Great Depression in the U.S,but a major one in Europe.(GNP falls 9.4 percent from the year before. The unemployment rate climbs from 3.2 to 8.7 percent).

  • 1931

    No major legislation is passed addressing the Depression.(GNP falls another 8.5 percent; unemployment rises to 15.9 percent.)

  • 1932

    1932
    This and the year after are the worst years of the Great Depression.Industrial stocks have lost 80 percent of their value since 1930.10,000 banks have failed since 1929.Over 13 million Americans have lost their jobs since 1929. And International trade has fallen by two-thirds since 1929.(GNP has also fallen 31 percent since 1929)

  • 1933

    1933
    A third banking panic occurs in March. Alarmed by Roosevelt's plan to redistribute wealth from the rich to the poor, a group of millionaire businessman plans to overthrow Roosevelt and install a fascist government modelled after Mussolini's regime in Italy.Roosevelt does much to redistribute wealth from the rich to the poor, but is concerned with a balanced budget.(GNP is significantly slowed; it dips only 2.1 percent this year. Unemployment rises slightly, to 24.9 percent.)

  • 1934

    1934
    Congress authorizes creation of the Federal Communications Commission, the National Mediation Board and the Securities and Exchange Commission.The economy turns around and a long road to recovery begins.Sweden becomes the first nation to recover fully from the Great Depression.(GNP rises 7.7 percent, and unemployment falls to 21.7 percent. A long road to recovery begins)

  • 1935

    1935
    The Supreme Court declares the National Recovery Administration to be unconstitutional.Congress passes the Banking Act of 1935, the Emergency Relief Appropriation Act, the National Labor Relations Act, and the Social Security Act.And the economic recovery continues.(GNP grows another 8.1 percent, and unemployment falls to 20.1 percent.)

  • 1936

    1936
    Top tax rate raised to 79 percent.Economic recovery continues(GNP grows a record 14.1 percent; unemployment falls to 16.9 percent.)

  • 1937

    1937
    The Supreme Court declares the National Labor Relations Board to be unconstitutional.Roosevelt seeks to enlarge and therefore liberalize the Supreme Court. This attempt fails and outrages the public.Economists attribute economic growth so far to heavy government spending that is somewhat deficit. That summer, the nation plunges into another recession.(GNP rises 5.0 percent, and unemployment falls to 14.3 percent.)

  • 1938

    1938
    No major New Deal legislation is passed after this date, due to Roosevelt's weakened political power.(the GNP falls 4.5 percent, and unemployment rises to 19.0 percent).

  • 1939

    1939
    The United States emerged from the Depression.It borrows and spends $1 billion to build its armed forces. From 1939 to 1941, when the Japanese attack Pearl Harbor, U.S. manufacturing shot up a phenomenal 50 percent!The Depression ended worldwide as nations prepared for the coming hostilities.When people saw a phenomenal record of 14 percent growth,Roosevelt eased the deficit spending.But this only caused the economy to slip.Which starts World War II with Hitler's invasion of Poland.

  • 1945

    The war is the largest tragedy in human history, the United States emerges as the world's only economic superpower. During this time, America experienced the greatest economic boom it had ever known until that time