AnInsightinto U.S. History and Culture<br />The Great Depression (1929)<br />Lcda. Sandra Cabrera M.<br />
<ul><li>On October 24, 1929, the stock market crashed.
By 1932 thousands of banks and more than 100,000 businesses had failed.
Income from farming was cut by more than one half.
Salaries dropped 60% and 25% of all workers were unemployed.
Thirty billion dollars had been lost. </li></ul>The Great Depression <br />
President Hoover advised employers not to cut wages.<br />In 1932 he created the Reconstruction Finance Corporation to loan money to failing banks. <br />President Hoover refused proposals for government funded relief and work projects. <br />Herbert Hoover was inaugurated U.S. president in 1929. <br />
Unemployed workers considered Hoover unable to help them. <br />
The Democrat Franklin D. Roosevelt, who promised “ a New Deal for the American people,” won the 1932 election for president. <br />
President Roosevelt immediately took emergency measures to deal with the economic crisis. <br />The Civilian Conservation Corps (CCC) was designed to provide employment for young men in reforestation and flood control projects. <br />
The Federal Emergency Relief Administration (FERA) provided state assistance for the unemployed and their families. <br />This program gave money to help state and local relief funds, which had been wiped out by the Depression. <br />Distribution of clothing<br />
The Agricultural Adjustment Administration (AAA) had as its main purpose to pay farmers to reduce production of crops, and in that way raise farm prices. <br />
The Tennessee Valley Authority (TVA) constructed a series of dams in the Tennessee River Area. Its main purpose was to produce electricity, control floods, and manufacture fertilizer. <br />President Roosevelt signing the TVA Act<br />
social security act (1935) <br />The Social Security Act (1935) established old-age pensions and other benefits, as well as a joint program between the government and the states for unemployment insurance.<br />By signing this act on August 14, 1935, President Roosevelt became the first president to advocate federal assistance for the elderly. <br />
The Works Progress Administration was a national program which provided jobs and income to the unemployed during the Great Depression in the United States.<br />Taxes were collected through the federal government to create millions of jobs in the construction of roads, bridges, airports, hospitals, parks, and public buildings. <br />
The End of the Great Depression <br />Complete recovery was at last brought by the arms industry built up before the United States entered the Second World War. <br />America's entry into the war in 1941 finally eliminated the last effects from the Great Depression and brought the unemployment rate down below 10%. <br />