The Social Security was enacted on August 13, 1945 under the executive administration of Franklin Delano Roosevelt. The act emerged during the Great Depression, which lasted a decade from 1929 to 1939. In fact, the original name of the policy was The Economic Security Act. The Great Depression were years of uncertainty, depravation, low amounts of food for those who were not of wealthy socioeconomic status. The implementation of the Social Security Act was to provide a cushion and support for millions of American citizens after depletion of goods with surplus mounts of depression and recession.
The Great Depression was catastrophic. It was a critical time period in our history when our economy crashed. People lost their jobs, and families became homeless. Back then, two million people were homeless(Timeline). Today, 564,708 people are homeless(Social Solutions).
People all over the country were all impacted by this prolonged recession. Many people slumped into poverty and became homeless and unemployed citizens. This immense downturn was due to overproduction, the Wall Street crash, and the weak banking system, the European recession, the Gold Standard and the policies implemented by the Hoover administration. The depression lasted for over a decade before an economic upturn began to take hold. This marked the end of the Great Depression in the 1930’s.
Milton Friedman, an esteemed economist, once said that “The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.” The United States during the 1930’s was in tatters. Unemployment was sky-high, there was overproduction and underconsumption simultaneously, people were starving and companies were bankrupt. In a time of uncertainty and trepidation, Franklin D. Roosevelt came up with a plan to boost the American people from the deep abyss that was the Great Depression : the New Deal. November 1932, proved to be a hopeful time for many Americans, FDR had just been elected and his New Deal promised Relief, Reform and Recovery for
While many believe that the unprecedented crash of the stock market on October 29, 1920, better known as Black Tuesday, was the cause of the dramatic economic downturn of the century, long-term causes contributed highly to the impending catastrophe. This period of economic depression, aptly named the Great Depression, was due to: downfall of agriculture--farmers mass-produced goods to compensate for the lack of income, decline in industry-- due to tariffs and debt policies, and the decrease in consumer spending--
Did you know the Great Depression was the deepest and longest economic downturn in the history of the western industrialized world?The lowest point for America where the economy was at a severe downfall.The Great Depression started on October 29,1929, ended in 1939.How America was able to overcome the Great Depression was because of World War II and big government military spending that finally broke the depression’s back (Doc.5). In these hard times for America it; was able to sustain itself over the downslide of falling stock prices and when the stock market crashed.The Great depression was one the most difficult time for Americans where there were people in severe poverty and often jobless.The causes of the Great Depression was speculation,
It devastated not only in the U.S economy and but worldwide. Before the crash, the stock market experienced an all-time high that the Dow Jones Industrial Average reached a record high 381.2. By November, it plummets to as a low 199 and with this low, it caused stocks to lose value about 90 percent. In lieu of the crash of this created a great depression, and it was the longest and most severe depression every experienced by the industrialized Western world. “The fundamental changes impacted the economic institutions in example, banks and macroeconomic policy and economic theory” .
The Great Depression (1929-39) was the most profound and longest-enduring financial downturn in the historical backdrop of the Western industrialized world. In the United States, the Great Depression started not long after the share trading system accident of October 1929, which sent Wall Street into a frenzy and wiped out a huge number of speculators. Throughout the following quite a while, purchaser spending and venture dropped, bringing about steep decreases in modern yield and rising levels of unemployment as coming up short organizations laid off laborers. By 1933, when the Great Depression came to its nadir, exactly 13 to 15 million Americans were unemployed and about portion of the nation's banks had fizzled. Genuine yield and costs fell continusely.
was on a downhill slide in the 1930’s. Herbert Hoover was failing to keep the United States above water and the Great Depression had only just begun. On October 29, 1929, on Black Tuesday, the Stock Market crashed and sent investors into despair. The atmosphere in the United States started to decline rapidly, until 1933, when things started to look more promising. Franklin Delano Roosevelt, Eleanor’s husband, was inaugurated into office in 1933, in the midst of the Great Depression.
Recently, the citizens and some elected officials have questioned its legitimacy in today’s society. It helped get America out of the great depression. The whole entire value of the dollar flipped when the stock market crashed in 1929. The years of poverty were burdensome, but that was a long time ago. Are we stable enough as a well established country?