The years from 1929 to 1939 were some of the hardest years to live in during American history. This time period is known as The Great Depression. After the stock market crashed in October of 1929, millions of investors were wiped out. Consumer spending began to plummet causing a domino effect across the nation. Once consumer spending began to decline so did investment which eventually led to unemployment levels rising as companies started failing. By the year 1933 the unemployment rate rose to the highest the nation has ever seen. 25% of the population was unemployed. That’s nearly 14 million Americans with no steady income. On top of this, half of the country’s banks had failed and were forced to shut down. “It was not only a time
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Roosevelt took office as the new president of the United States. He won in a landslide against Hoover with 22.8 million for FDR and 15.7 million for Hoover. His famous quote from Inauguration Day – “Let me assert my firm belief that the only thing we have to fear is fear itself”- instilled confidence and hope back into the nation. Roosevelt had four main priorities and they were to get Americans back to work, protect their savings and prosperity, provide relief for the sick and elderly and get industry and agriculture back on their feet. Roosevelt declared a national “bank holiday” the day after his Inauguration. He closed all banks and called in Congress for a very special meeting. Four days later, congress passed the Emergency Banking Act. The EBA permitted banks to reopen if a Treasury Department inspection showed that they had sufficient cash reserves. When banks reopened on March 13 deposits exceeded withdrawals, which restored the nation 's banks back into a stable state. During the first 100 days congress enacted fifteen major bills. These new policies represented the emergence of a new American state and were a part of The New Deal. One of the steps Roosevelt took to start rebuilding the nation 's economy, was ending prohibition. Americans were once again allowed to purchase beer. In May, the Tennessee Valley Authority Act was signed, allowing the government to build dams beside the Tennessee River in order to control flooding and generate hydroelectric power for the nearby houses. In June, the National Industrial Recovery Act (NIRA) warranted workers the right to barter for higher wages and improved working conditions. The NIRA set up the PWA (Public Works Administration) and the NRA (National Recovery Administration). The PWA used money from the government to build infrastructures like bridges and roads. This need for construction provided many with jobs. The NRA improved working conditions and banned child labor.
Roosevelt took office as the new president of the United States. He won in a landslide against Hoover with 22.8 million for FDR and 15.7 million for Hoover. His famous quote from Inauguration Day – “Let me assert my firm belief that the only thing we have to fear is fear itself”- instilled confidence and hope back into the nation. Roosevelt had four main priorities and they were to get Americans back to work, protect their savings and prosperity, provide relief for the sick and elderly and get industry and agriculture back on their feet. Roosevelt declared a national “bank holiday” the day after his Inauguration. He closed all banks and called in Congress for a very special meeting. Four days later, congress passed the Emergency Banking Act. The EBA permitted banks to reopen if a Treasury Department inspection showed that they had sufficient cash reserves. When banks reopened on March 13 deposits exceeded withdrawals, which restored the nation 's banks back into a stable state. During the first 100 days congress enacted fifteen major bills. These new policies represented the emergence of a new American state and were a part of The New Deal. One of the steps Roosevelt took to start rebuilding the nation 's economy, was ending prohibition. Americans were once again allowed to purchase beer. In May, the Tennessee Valley Authority Act was signed, allowing the government to build dams beside the Tennessee River in order to control flooding and generate hydroelectric power for the nearby houses. In June, the National Industrial Recovery Act (NIRA) warranted workers the right to barter for higher wages and improved working conditions. The NIRA set up the PWA (Public Works Administration) and the NRA (National Recovery Administration). The PWA used money from the government to build infrastructures like bridges and roads. This need for construction provided many with jobs. The NRA improved working conditions and banned child labor.