The Great Depression

President Warren Harding dies in office

Aug 2, 1923

Calvin Coolidge becomes new president

KKK claims 9 million new members

Period: Jan 1, 1924 to Dec 31, 1924

Congress signs the Agriculture Market Act

Period: Jan 1, 1929 to Dec 31, 1929

This was to help farmers get back up on their feet.

Herbert Hoover becomes president

Mar 4, 1929

Stock Market Crashes

Oct 29, 1929

This was known as Black Tuesday. The stock market started to crash on October 24. $16 billion were lost in this month alone.

The umemployment rate jumps

Period: Jan 1, 1930 to Dec 31, 1930

The unemployment rate jumps from 3.2% to 8.7%

The Dust Bowl

Period: Jan 1, 1930 to Dec 31, 1936

Several dust storms swept through the United States and ruined most of the crops causing even more damage for the Great Depression

The Smoot-Hawley Tariff Act is signed into law

Jun 17, 1930

This raised U.S. tariffs (taxes) on over 20,000 imported goods. This tariff was the second highest in U.S. history.

The unemployment rate jumps again

Period: Jan 1, 1931 to Dec 31, 1931

This time the unemployment rate jumps from 8.7% to 15.9%

One of the worst years of the Great Depression:

Period: Jan 1, 1932 to Dec 31, 1932

Unemployment rates jump all the way up to 23.6% (13 million people)
Industrial stocks lose 80% of their value
10,000 banks have failed since 1929
The Federal Home Loan Bank Act was put into effect by Herbert Hoover to lower the cost of home ownership.
The top tax rate was raised from 25% to 63%