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Black Tuesday
Black Tuesday is the say that the stock market crashes, marking the end of six years of unparalleled thriving of most of the sectors of the American economy. The crash begins on October 24. By October 29, stock prices will plummet and banks will be calling in loans. About $30 billion in stock values will "disappear" by mid-November. -
Hoover makes optimistic statements about economy
In March of the year 1930, more than 3.2 million people are unemployed, up from 1.5 million before the October, 1929 crash. President Hoover remains optimistic. He states that "all the evidences indicate that the worst effects of the crash upon unemployment will have passed during the next 60 days." -
Food Riots begin
Food riots begin to break out in parts of the U.S. In Minneapolis, several hundred men and women smash the windows of a grocery market and steal fruit, canned goods, bacon, and ham. One of the store's owners pulls out a gun to stop the looters, but is leapt upon and has his arm broken. Finally, a group of 100 policemen stop the fighting. Seven people are arrested. -
WWI Veterans gather to collect Bonus Bill
About 15,000 - 25,000 World War I veterans gather and begin setting up encampments near the White House and the Capitol in Washington, D.C because they were determined to collect their "bonus" pay for serving in the war. On June 15, the House passes Congressman Wright Patman's "bonus bill" by a vote of 209 to 176. The bill stop progressing in the Senate. The vets maintain their determination to stay camped out until they get their pay. -
The CCC is established
After President Roosevelt is elected President, the Civilian Conservation Corps (CCC) is established. The CCC is designed as a relief and employment program for young men between the ages of 17 and 27. The CCC is made up of groups of young men who work in national forests, parks, and federal land for nine-month stints. FDR plans for this program to be a volunteer "army." The first 250,000 young men are housed in 1,468 camps around the country. -
The Work Projects Administration is established
FDR signs legislation which created the Works Progress Administration (in 1939 the name is changed to the Work Projects Administration.) The program employed more than 8.5 million people in 3,000 counties across the nation. These people, with a salary of only $41.57 a month, will create highways, roads, bridges, and airports. In addition, the WPA will put thousands of artists (writers, painters, theater directors, and sculptors) to work on various projects. -
The Social Security Act is established
The Social Security Act of 1935 is signed into law by FDR. Social Security will be financed through a payroll tax. "Kenneth S. Davis calls the signing of the act "one of the major turning points of American history. No longer could `rugged individualism' convincingly insist that government, though obliged to provide a climate favorable for the growth of business profits, had no responsibility whatever for the welfare of the human beings who did the work from which the profit was reaped." -
Memorial Day Massacre
At Republic Steel's South Chicago plant, workers and their families try to combine a picnic with a rally and demonstration. This event does not become successful due tot the lack of self defense.Ten people are killed and a dozen more are wounded. This day is now considered to be the "Memorial Day Massacre." -
Congress allows $3.75 billion in federal spending
Franklin D. Roosevelt asks Congress tallow $3.75 billion in federal spending to help boost the United States sagging economy. Economic indicators respond favorably over the next few months. Still, unemployment remains high. The unemployment rate is predicted to stay that way for some time due to the lack of effective solutions. -
The end of the Great Depression
In a little over a year, following after Japan’s surprised attack bombing of the Pearl Harbor in December, 1941, the United States will enter the war in the Pacific and in Europe. The war effort will jump-start the United States industry and it will overall effectively end the Great Depression.
