The Great Depression began with the stock market crash of 1929 and led to widespread bank failures and loss of income. By 1932, unemployment reached 25% as salaries dropped by 60%. President Hoover initially advised against wage cuts and created the RFC to loan money to banks, but refused federal relief programs. Franklin D. Roosevelt was elected in 1932, promising a "New Deal." He immediately implemented emergency programs like the CCC, FERA, AAA, and TVA to provide jobs and relief. The Social Security Act of 1935 established pensions and unemployment insurance. Recovery was finally achieved through wartime production leading up to America's entry into World War II in 1941.