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The Great Depression, which lasted from 1929 to 1939, was the worst economic

downturn in U.S. history. The stock market crash of October 1929 signaled the

beginning of the Great Depression. As a result, millions of dollars in investments were  eliminated. Consumer spending declined nationwide, causing huge reductions in  industrial production. As production decreased, failing companies were forced to lay  off workers. By 1933, 15 million Americans – 25% percent of the workforce – were  unemployed and nearly half the country’s banks had failed. To make matters worse,  the Great Plains was struck with a severe drought leading to devastating dust storms  known as the Dust Bowl.

President Herbert Hoover believed the economy would improve with little or no help  from the government. Once Hoover realized that government intervention was

needed, his actions were too little, too late. Many blamed Hoover for America’s

troubles. They believe he was not doing enough to help, which led to Franklin D.  Roosevelt’s election as President in 1932.

Franklin D. Roosevelt led the nation through the Great Depression by using

government programs to help the nation recover. His plan was referred to as the New

Deal. Although New Deal programs helped to alleviate some of the suffering, it took  the beginning of World War II to end the Great Depression.

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The official beginning of the Great Depression was the stock market crash of 1929. The stock market allows for the buying and selling of shares of stock, which represent part ownership of a corporation. During the 1920’s, the price of stocks began rising steadily. Many  people invested, hoping to make a profit. In 1929 however, stock prices fell rapidly, causing many investors to sell their shares. Panic set in as  millions of shares of stock were traded at ever-falling prices. Millions of  shares ended up worthless. The market continued to worsen following  1929. A share of US Steel which had sold for $262 before the crash sold  in 1932 for $22. A weak banking system was another cause of the Depression. The  Federal Reserve – the nation’s central bank – was set up by the government to help banks across the country operate properly. The Federal Reserve did not act quickly enough to help banks that were  failing all over the country. Banks across the nation had to close.  Millions of people who deposited money in the banks lost their savings.

Another factor that led to the Depression was high tariffs, which discouraged international trade. A tariff is a tax on imported  products. Tariffs make imported goods from other countries more expensive. In 1930, Congress passed the Hawley-Smoot  Tariff, hoping it would encourage Americans to buy American goods, which would improve the economy. The result was  disastrous. Foreign countries reacted by raising tariffs on US-made goods. The result was shrinking international trade, which led to further decline in global economies.

The Depression was intensified by the fact that many Americans had too much debt from buying consumer goods on installment  plans. High levels of debt made it nearly impossible for citizens to pay off loans when the effects of the Depression set in.

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The effects of the Depression had severe consequences on nearly all aspects of  American life. Consumer spending and investment dropped, causing steep  declines in industrial production. As businesses reduced production, they laid

off unneeded workers. When consumer spending failed to rise, many business  were forced to close, resulting in more unemployment. By 1933, 15 million Americans were out of work and the unemployment rate stood at an astonishing 25 percent.

As people lost jobs, many of them couldn’t pay rent or make payments on home loans. A large portion of unemployed people became homeless and

often went hungry. Out of work Americans filled long breadlines to receive food. Homeless formed improvised houses.

More than a third of the nations banks failed in the three years following 1929. Crowds of people flocked to banks demanding the  money they had deposited in their bank accounts. Banks loan out most of the money they take in as deposits. If too many people demand their money at the same time, the banks can run out of cash. Many banks failed, resulting in closure. Some Americans lost their life savings when banks failed.

Farmers were hit particularly hard by the crisis. Tractors and other machinery helped farmers produce larger crops. The result,  however, was overproduction, which lowered the price farmers could get for their crops. Many farmers struggled to pay back  farm equipment loans and some went bankrupt.

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During the 1930’s, disaster struck the Southern Plains region of the  United States. Poor soil conservation practices combined with drought

conditions caused severe dust storms, which intensified the misery of  the Great Depression and instigated the largest migration in American

history.

The Dust Bowl was the name given to the Plains region which suffered  severe dust storms in the 1930’s. Technically, the driest region of the  Plains – Colorado, Kansas, Oklahoma, Texas and New Mexico – made  up the Dust Bowl, but the entire region, and eventually the entire  country, was affected. Strong winds swept huge clouds of choking dust  into the air. People and livestock were killed and crops failed across  the entire region. Many desperate families left the region in search of  work and better living conditions.

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President Herbert Hoover initially responded to the economic downturn by reassuring  everyone that the economy would improve soon. He believed that the government  could not fix the Depression. He felt minimal government interference in the economy  was best, and that direct government support would weaken individual character and  work-ethic, leading to a dependency on government handouts. He asked charities to  help those in need. Charities, along with state and local governments, worked hard to  provide aid for the needy, but too many people needed help.

Eventually, President Hoover realized that the federal government had to help fight the  Depression. He approved federal money for public works, such as projects like  highways and parks, to create jobs. He also approved lending federal money to banks,  railroads, and other private companies.

For many, however, these actions were too little, too late. By 1932 many people  blamed President Hoover for the Depression. They believed Hoover was out of touch  with ordinary people. Shantytowns of makeshift shacks – unfavorably called  “Hoovervilles” in disgust with the president’s inaction in the face of crisis – grew across  the country as the unemployed, unable to pay mortgages or rent, were evicted from
their homes.

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As the presidential election of 1932 approached, Americans were eager to elect

a new president to replace Herbert Hoover. As a result, Franklin Delano

Roosevelt, known as FDR, was elected in a landslide. He promised to use the

federal government to help the nation recover form the Depression.

As president he asked Congress to start government-run programs to create

new jobs and get the economy growing again. The series of federal legislative

initiatives was known as the New Deal. Congress agreed to create most of the

New Deal programs Roosevelt wanted. The programs were paid for with

federal taxes on incomes and businesses. Numerous programs were created,

but they can generally be grouped in the following five categories: Federal

Work Programs, Environmental Improvement Programs, Farm Assistance

Programs, Social Security, and Increased Rights for Labor.

WPA poster – a New Deal program Roosevelt used live-radio broadcasts to communicate his plans and ideas to the American public. The series was known as  “fireside chats.” In these talks, he used reassuring tones and plain-spoken language. The New Deal expanded the role of  the federal government in the nation’s economy. Although the New Deal did a lot to help the American people and get the  economy back on track, it did not end the Great Depression. It took the beginning of World War II, and the industrial  production it demanded, to ultimately end the worst economic period in American history.

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More than a third of the nations banks failed in the three years following 1929. Crowds of people flocked to banks demanding the  money they had deposited in their bank accounts. 