How Did The Great Depression Affect The Economy
In the history of United States, Great depression that occurred in late 1920’s and 1930’s made a dramatic and tragic impact on American economy along with American people. The depression set at time when many were just arriving in new country and try to settle their feet on ground. Theodore Roosevelt, the president of time, began several programs to slow down the impact of great depression. The government began new deals to tackle the dilemmas of great depression.
The stock market crash of 1929 resulted in complete crisis for many families as families almost lost everything. Tons of people who invested in bands and stocks were complete broke. Industry workers were amongst the one to get struck by this crisis. Before crisis, the industry workers use to work for rail roads, bending of steel made bridges and to create city skylines. After crisis, these families were out of work, no jobs were found. Industrial production was stopped as industries were shutting down. The dust bowl of 1930’s also brought dark time for farmers. Many families were left without basic life necessities and without adequate food. …show more content…
The President pass an executive order, passed by congress calling for reform, relief and recover for all broken parts of economy. This new step of reformation began in 1933. There were only few number of banks left after collision of market. The President proceeded for Federal Deposit Insurance Corporation (FDIC) which provided insurance for individual funds that were entrusted to the banks but for up to $ 2500. This new effort took step in creation of Federal Income Collection Act (FICA) which was responsible for granting money and health care for elderly. There was no FICA or any federal help was available to citizens. The family and community members were responsible for taking care of
The stock market crash of 1929 resulted in complete crisis for many families as families almost lost everything. Tons of people who invested in bands and stocks were complete broke. Industry workers were amongst the one to get struck by this crisis. Before crisis, the industry workers use to work for rail roads, bending of steel made bridges and to create city skylines. After crisis, these families were out of work, no jobs were found. Industrial production was stopped as industries were shutting down. The dust bowl of 1930’s also brought dark time for farmers. Many families were left without basic life necessities and without adequate food. …show more content…
The President pass an executive order, passed by congress calling for reform, relief and recover for all broken parts of economy. This new step of reformation began in 1933. There were only few number of banks left after collision of market. The President proceeded for Federal Deposit Insurance Corporation (FDIC) which provided insurance for individual funds that were entrusted to the banks but for up to $ 2500. This new effort took step in creation of Federal Income Collection Act (FICA) which was responsible for granting money and health care for elderly. There was no FICA or any federal help was available to citizens. The family and community members were responsible for taking care of