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This page features two timelines: The importance of these timelines cannot be emphasized enough. Seeing the order in which events actually occurred dispels many myths about the Great Depression.
One of the greatest of these myths is that government intervention was responsible for its onset. Truly massive intervention began only under the presidency of Franklin Roosevelt inwho was sworn in after the worst had already hit.
Although his New Deal did not cure it, all the leading economic indicators improved on his watch.
When the government cuts back spending to balance the budget ina severe recession results. However, the war economy invested heavily in the manufacturing sector, and the next decade will see an explosion of productivity An average of banks fail each year.
Agricultural, energy and coal mining sectors are continually depressed. Textiles, shoes, shipbuilding and railroads continually decline. The value of farmland falls 30 to 40 percent between and Organized labor declines throughout the decade.
The United Mine Workers Union will see its membership fall fromin to 75, in The American Federation of Labor would fall from 5.
Over the decade, about 1, mergers will swallow up more than 6, previously independent companies; byonly corporations will control over half of all American industry. By the end of the decade, the bottom 80 percent of all income-earners will be removed from the tax rolls completely. Taxes on the rich will fall throughout the decade.
The bottom 93 percent will have experienced a 4 percent drop in real disposable per-capita income between and The middle class comprises only 15 to 20 percent of all Americans. Individual worker productivity rises an astonishing 43 percent from to But the rewards are being funneled to the top: But that is still less than 1 percent of all income-earners.
Calvin Coolidge, who is squeaky clean by comparison, becomes president. Coolidge is no less committed to laissez-faire and a non-interventionist government.
He announces to the American people: It will decline drastically inhowever, after financial and moral scandals rock its leadership. The stock market begins its spectacular rise.
Bears little relation to the rest of the economy. Supreme Court rules that trade organizations do not violate anti-trust laws as long as some competition survives. Between May and Septemberthe average prices of stocks will rise 40 percent.
Trading will mushroom from million shares per day to over 5 million. The boom is largely artificial. Hoover is a staunch individualist but not as committed to laissez-faire ideology as Coolidge.
More than half of all Americans are living below a minimum subsistence level. Backlog of business inventories grows three times larger than the year before.This data table is a list of US National Debt by year by President.
The second column is the amount added or subtracted to the debt for that year, the third column is the total debt for that year, after additions/subtractions. TIMELINES OF THE GREAT DEPRESSION: This page features two timelines: the first for general events of the Roaring 20s and the Great Depression, the second for leading economic indicators.
Herbert Hoover and Franklin Roosevelt were both presidents during one of the most difficult times in American history, the Great Depression. To try and ease the hardships that many Americans were facing, each President developed many different programs.
Franklin D. Roosevelt is typically seen as one of the greatest presidents in US history while Herbert Hoover is seen as one of the worst.
Roosevelt is the father of the modern Oval Office. According to the blog Our White House, he hated the old room because it "lacked windows and privacy.". The war was hardly over, it was February , the IWW leadership was in jail, but the IWW idea of the general strike became reality for five days in Seattle, Washington, when a walkout of , working people brought the city to a halt.