The conservative Supreme Court strikes down federal child labour legislation
Supreme court nullifies minimum wage for women in district of Columbia
the avergae prices of stocks will rise 40%
Anual per-capita income is $750
Herbet Hoover becomes President
Backlog of business inventories grows three times larger than the year before
Recession begins two months beofre the stock market crash
Stock market crash begins. Investors call October 29 Black Tuesday. Losses for the month $16billion
The federal reserve has cut prime interest rate from 6-4%
The Smoot Hawley Tariff passes
the GNP falls 9.4%from the year before. The unemployment rate climbs from 3.2 to 8.7%
the GNP falls another 8.5; unemployment rises to 15.9%
No major legislation is passed adressing the Depression
This and the next year are the worst years of the Great Depression
GNP has also fallen 31% since 1929
GNP falls a record 13.4%:unemployment rises 23.6%
Popular opinion onsiders Hoovers measures too little too late.
10,000 banks have failed since 1929, or 40% of the 1929 total
Top tax rate is raised from 25-63%
Over 13million Americans have lost their jobs since 1929
Internation trade has fallen by two-thirds since 1929
The free fall of the GNP is significantly slowed, it dips only 2.1% this year. Unemployment rises slightly 24.9%
Alarmed by Roosevelts plan to redistribute wealth from the rich to the poor, a group of millionaire bussinessmen, led by the Du Pont and J.P.Morgan empires,plans to over throw Roosevelt with a military coup and install a fascist government
Franklin Roosevelt easily defeats Hoover in the fall election
A third banking panic occurs in March. Roosevelt declares a bank holiday
Roosevelt does much to redistribute wealth from the rich to the poor, but is concerned with a balanced budget
Sweden becomes the first nation to recover fully from the Great Depression. It has followed a policy of Keynesian deficit spending.
The economy turns around GNP rises 7.7%and unemployment falls to 21.7%. Along road to recovery begins
Sweden becomes the first nation to recover fully from the Great Depression. It has followed a policy of Keynesian deficit spending.
Economic recovery continues: the GNP grows another 8.1%, and unemployment falls to 20.1%
Economic recovery continues : GNP grows a record 14.1% unemployment falls to 16.9%
Top tax rate raised 79%
Economists attribute economic growth so far to heavy government spending that is somewhat deficit. Roosevelt, however, fears an unbalanced budget and cuts spending for 1937.
That summer, the nation plunges into another recession. Despite this, the yearly GNP rises 5.0 percent, and unemployment falls to 14.3 percent.
Roosevelt seeks to enlarge and therefore liberalize the Supreme Court. This attempt not only fails, but outrages the public.
No major New Deal legislation is passed after this date, due to Roosevelts weekend political power
The year long recession makes itself felt the GNP falls 4.5% and unemployment rises 19%
Industrial stocks have lost 80% of their values since 1930
World War II starts with Hitlers invasion of Poland
The Depression is ending worldwide as nations prepare for the coming hostilities.
• 1939 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 top tax rate is 91%. it will stay at least 88% until 1963 when it is lowered to 70% during this time, America will experience the greatest economic boom it had ever known until that time
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!