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october 1929
The stock market crashes, marking of the end of six years of unparalleled prosperity for most sectors of the American economy. -
october 1930
the dust bowl begins to ruin farmers land. ( dust plus high speed winds produces static electricity.) Farmers were usually shocked and knocked off their feet during this time. Residents had to wear gas mask to stay safe. -
Food riots
Food riots broke out around the country. People breaking into grocery markets -
congress establish the recontruction
congress establish the recontruction finance corporation to lend $ 2 billion to banks, insurance,companies, buildings, loan associations, and farming organization.
stocks reached their lowest point. Franklin D. Roosevelt beat Herbert Hoover in a landslide. -
Townsend proposes pension plan
Dr. Francis townsends a letter to the Long Beach Press - Telegram proposing state funded pensions for the elderely to boost consupmtion and employment. -
Unemployment average
The unemployment averages are 21.7% for the year. -
Huey Long Founds..
Huey Long founds the share our wealth society, advocating outright seizure of the " excess forturnes" of the rich to redistribute to the poor. -
Rural Electrification Administration
Congress authorizes creation of the Works Progress Administration, the National Labor Relations Board and the Rural Electrification Administration.
Congress passes the Banking Act of 1935, the Emergency Relief Appropriation Act, the National Labor Relations Act, and the Social Security Act. -
Top taxed rate
Top tax rate raised to 79 percent.
Economic recovery continues: GNP grows a record 14.1 percent; unemployment falls to 16.9 percent. -
Emerging from the great depression
The United States will begin emerging from the Depression as it borrows and spends $1 billion to build its armed forces. From 1939 to 1941, when the Japanese attack Pearl Harbor, U.S. manufacturing will have shot up a phenomenal 50 percent!
The Depression is ending worldwide as nations prepare for the coming hostilities.
Roosevelt began relatively modest deficit spending that arrested the slide of the economy and resulted in some astonishing growth numbers. (Roosevelt's average growth of 5.2 -
91%
The top tax rate is 91 percent. It will stay at least 88 percent until 1963, when it is lowered to 70 percent. During this time, America will experience the greatest economic boom it had ever known until that time. -
the largest tragidy
Although the war is the largest tragedy in human history, the United States emerges as the world's only economic superpower. Deficit spending has resulted in a national debt 123 percent the size of the GDP. By contrast, in 1994, the $4.7 trillion national debt will be only 70 percent of the GDP!
