In 1929, the stock market crash wiped out 40 percent of the paper values of common stock. Politicians and industry leaders however, continued to predict a positive future of the nation’s economy even after the collapse. Nevertheless, the Depression continued to worsen as confidence and hope for a brighter future for the nation’s economy rapidly died and many lost their life savings. By 1932, approximately one out of every four Americans was unemployed. By 1933, the stock’s value on the New York Stock Exchange was less than a fifth of what had been its peak in 1929. The nation suffered bank failures, the closing of businesses, factory shut downs, and the farm income fell about some 50 percent.
The center of the issue was the monstrous dissimilarity …show more content…
The New Deal itself created millions of jobs with its laws created specifically for decreasing the amount of people unemployed in the nation. With the help of the Civilian Conservation Corps, a program enacted by Congress to bring relief to young men between 18 and 25 years of age, jobless young men were enrolled in work camps across the country. These young men were able to earn a living through participating in a variety of conservation projects that also proved to be beneficial to the environment as well in that it decreased the likelihood of another Dust Bowl. Work relief also came in the form of the Civil Works Administration. The CWA was created because the NIRA failed to make a large dent in unemployment. It’s purpose was to promote recovery by interrupting the trend of wage cuts, falling prices, and layoffs. The CWA promoted industrial growth as well as increased the number of jobs available for unemployed workers. Another form of work relief was the Works Progress Administration. The WPA’s purpose was to simply provide jobs for the unemployed. These laws all helped to decrease the rate of unemployment, and proves that the New Deal was successful in that aspect. However, it also failed because it didn’t decrease the amount by much - it barely made a dent, in fact. By 1935, unemployment was only down to 10.6 million; Roosevelt had failed to end unemployment. Although unemployment fell to 7.7 million in 1937, it rose again to 10.4 million after Roosevelt decided to try to and cut back government expenditure in 1938. In 1939, the unemployment rate was firm at 19 percent. Not until 1943 did it reach the levels of pre-Depression times. Only when the Americans entered World War II, did the nation’s economy stabilize due to the massive spending during the war. The minimal progress in the unemployment
The center of the issue was the monstrous dissimilarity …show more content…
The New Deal itself created millions of jobs with its laws created specifically for decreasing the amount of people unemployed in the nation. With the help of the Civilian Conservation Corps, a program enacted by Congress to bring relief to young men between 18 and 25 years of age, jobless young men were enrolled in work camps across the country. These young men were able to earn a living through participating in a variety of conservation projects that also proved to be beneficial to the environment as well in that it decreased the likelihood of another Dust Bowl. Work relief also came in the form of the Civil Works Administration. The CWA was created because the NIRA failed to make a large dent in unemployment. It’s purpose was to promote recovery by interrupting the trend of wage cuts, falling prices, and layoffs. The CWA promoted industrial growth as well as increased the number of jobs available for unemployed workers. Another form of work relief was the Works Progress Administration. The WPA’s purpose was to simply provide jobs for the unemployed. These laws all helped to decrease the rate of unemployment, and proves that the New Deal was successful in that aspect. However, it also failed because it didn’t decrease the amount by much - it barely made a dent, in fact. By 1935, unemployment was only down to 10.6 million; Roosevelt had failed to end unemployment. Although unemployment fell to 7.7 million in 1937, it rose again to 10.4 million after Roosevelt decided to try to and cut back government expenditure in 1938. In 1939, the unemployment rate was firm at 19 percent. Not until 1943 did it reach the levels of pre-Depression times. Only when the Americans entered World War II, did the nation’s economy stabilize due to the massive spending during the war. The minimal progress in the unemployment