The Great Depression (1929-1941)
After a time of prosperity in the 1920's, the happiness and wealth soon died out. The Great Depression was much more than a recession in America - it was a time with staggering amounts of employment, homelessness, and hopelessness. It affected not only the people who lost their jobs and life saving, but children and the elderly as well. When 40% of banks failed during President Hoover's presidency, people lost all of their savings they had deposited and, if they had also lost their jobs, had no money to pay their bills, feed their families, or have proper medial care. In October of 1929, the stock market crashed, however, it was not the direct cause of the Depression. Beforehand, during the "Roaring Twenties," people were essentially spending money that they did not have and using installment plans. These plans allowed people to buy the products they wanted, and pay them off at a later date. Buying products using credit and spending money they didn't have led many Americans into debt, and unfortunately, 80% of Americans didn't have any savings to pay off those debts. People stopped spending when this occurred, they stopped buying products, and manufacturers were not making any money.
Timeline of Events
The Great Depression and the Events Prior.
The 1920's: The "Roaring Twenties" was nearly a decade of prosperity in America after the first World War.
1929: The stock market crashes. Many people believe that this crash was a direct cause of the Great Depression, however, this is not true. Many other events (listed in the introduction paragraph above) led up to the Depression.
1930: 3.2 million people are unemployed.
1931: Food riots begin to form. People would loot grocery stores for canned goods, meat, etc..
December 1931: One of the largest bank failures in U.S. History. New York Bank of the United States collapses, losing over $200 million in deposits.
March 1932: The Ford Motor Company strike in River Rouge, Michigan, where 3,000 unemployed workers rioted outside the plant.
April 1932: 750,000 citizens become dependent on relief programs, spending only about $8.20 per month.
May 1932-June 1932: 15,000 to 25,000 WWI veterans travel to D.C. to try to get compensation for their service with the "bonus bill," which was never passed.
November 1932: Franklin Delano Roosevelt is elected president after President Hoover.
March 1933: FDR is inaugurated and promises to help save the failing banks throughout america.
April 1933: The CCC (Civilian Conservation Corps) is established, which was a relief effort for young men. It was meant as a volunteer "army" where the young men would work at national forest parks.
May 1933:
June 1933: The Glass-Steagall Act is passed and the Federal Deposit Insurance Corporation is established.
October 1933: The Civil Works Administration is created which assisted in building schools, roads, hospitals and parks.
May 1934: A dust storm blows across the country, starting in in the West and Southwest and blowing soil as far as Boston.
April 1935: FDR establishes the Works Progress Administration, which employed over 8.5 million people.
June 1935: The Federal Youth Administration is established for young men and women, giving them jobs to pay for school.
August 1935: The Social Security Act of 1935 is established. This was a major turning point in the Great Depression, laying to rest Hoover's philosophy of "Rugged Individualism".
November 1936: FDR is elected for his second term as President of the United States.
January 1937: Workers strike at the General motors plant in Michigan.
March 1937: The "Roosevelt Recession" begins as there is a setback in the programs that were helping the economy, and unemployment increases.
November 1940: FDR is elected for his third term as President.
1941: Europe and the Pacific go into war. War efforts boost industry in the U.S. and end the Great Depression.
1929: The stock market crashes. Many people believe that this crash was a direct cause of the Great Depression, however, this is not true. Many other events (listed in the introduction paragraph above) led up to the Depression.
1930: 3.2 million people are unemployed.
1931: Food riots begin to form. People would loot grocery stores for canned goods, meat, etc..
December 1931: One of the largest bank failures in U.S. History. New York Bank of the United States collapses, losing over $200 million in deposits.
March 1932: The Ford Motor Company strike in River Rouge, Michigan, where 3,000 unemployed workers rioted outside the plant.
April 1932: 750,000 citizens become dependent on relief programs, spending only about $8.20 per month.
May 1932-June 1932: 15,000 to 25,000 WWI veterans travel to D.C. to try to get compensation for their service with the "bonus bill," which was never passed.
November 1932: Franklin Delano Roosevelt is elected president after President Hoover.
March 1933: FDR is inaugurated and promises to help save the failing banks throughout america.
April 1933: The CCC (Civilian Conservation Corps) is established, which was a relief effort for young men. It was meant as a volunteer "army" where the young men would work at national forest parks.
May 1933:
- The Federal Emergency Relief Administration is established, issuing grants of up to $5 million on the first day.
- The National Industrial Recovery Act is established to maintain wages for workers.
- The Tennessee Valley Authority is created which was a hydroelectric power program.
June 1933: The Glass-Steagall Act is passed and the Federal Deposit Insurance Corporation is established.
October 1933: The Civil Works Administration is created which assisted in building schools, roads, hospitals and parks.
May 1934: A dust storm blows across the country, starting in in the West and Southwest and blowing soil as far as Boston.
April 1935: FDR establishes the Works Progress Administration, which employed over 8.5 million people.
June 1935: The Federal Youth Administration is established for young men and women, giving them jobs to pay for school.
August 1935: The Social Security Act of 1935 is established. This was a major turning point in the Great Depression, laying to rest Hoover's philosophy of "Rugged Individualism".
November 1936: FDR is elected for his second term as President of the United States.
January 1937: Workers strike at the General motors plant in Michigan.
March 1937: The "Roosevelt Recession" begins as there is a setback in the programs that were helping the economy, and unemployment increases.
November 1940: FDR is elected for his third term as President.
1941: Europe and the Pacific go into war. War efforts boost industry in the U.S. and end the Great Depression.