The great depression

Main

1920's

1920 - 1929

The value of farmland falls 30 to 40 percent between 1920 and 1929.

banks fail

1920

An average of 600 banks fail each year.

stock market

1924

The stock market begins its spectacular rise. Bears little relation to the rest of the economy.

tax rate

1925

The top tax rate is lowered to 25 percent - the lowest top rate in the eight decades since World War I.

1929

1929

More than half of all Americans are living below a minimum subsistence level.

1932

1929 - 1932

Over 13 million Americans have lost their jobs since 1929.

farmlands

1929

The value of farmland falls 30 to 40 percent between 1920 and 1929.

democrats

1930

Democrats gain in Congressional elections, but still do not have a majority.

unemployment rises

1931

The GNP falls another 8.5 percent; unemployment rises to 15.9 percent.

industrial stocks

1932

Industrial stocks have lost 80 percent of their value since 1930.

tax rate rises

1932

Top tax rate is raised from 25 to 63 percent.

congress

1935

Congress passes the Banking Act of 1935, the Emergency Relief Appropriation Act, the National Labor Relations Act, and the Social Security Act

economic recovery

1936

Economic recovery continues: GNP grows a record 14.1 percent; unemployment falls to 16.9 percent.

roosevelt reelected

1936

Roosevelt Reelected
Franklin D. Roosevelt is elected to a second term as president, winning in a landslide over Republican Alf Landon. Roosevelt wins every state but Maine and Vermont.

Nazi rally in NYC

1939

Nazi rally in NYC in 1939