The Great Depression

  • WW1

    During World War I, federal spending grows three times larger than tax collections. When the government cuts back spending to balance the budget in 1920, a severe recession results. However, the war economy invested heavily in the manufacturing sector, and the next decade will see an explosion of productivity... although only for certain sectors of the economy.
  • Supreme Court

  • President

    President Warren Harding dies in office. Calvin Coolidge, becomes president. Coolidge is no less committed to laissez-faire and a non-interventionist government. Supreme Court nullifies minimum wage for women in District of Columbia.
  • Wildlife

    The stock market begins its spectacular rise. Bears little relation to the rest of the economy.
  • Top Tax Rate Lowerd

    The top tax rate is lowered to 25 percent - the lowest top rate in the eight decades since World War I.
  • Tax Rate Lowerd

    The top tax rate is lowered to 25 percent - the lowest top rate in the eight decades since World War I.
  • Rising Stocks

    Between May 1928 and September 1929, the average prices of stocks will rise 40 percent. The boom is largely artificial.
  • Stock Rise Again

    Between May 1928 and September 1929, the average prices of stocks will rise 40 percent. The boom is largely artificial.
  • Supreme Court

  • Top Tax Rate Raised

    Top tax rate raised to 79 percent.
    Economic recovery continues: GNP grows a record 14.1 percent; unemployment falls to 16.9 percent.
  • More unemployment

    No major New Deal legislation is passed after this date, due to Roosevelt's weakened political power.
    The year-long recession makes itself felt: the GNP falls 4.5 percent, and unemployment rises to 19.0 percent.
  • Tax Rate/Economic Boom

    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, Canada will experience the greatest economic boom it had ever known until that time.