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1. The Act and tariffs imposed by America's trading partners in retaliation were major factors of the reduction of American exports and imports by 67% during the Depression.
2.Economy. During the first five years of the depression, the economy shrank by 50%. In 1929, economic output was $105 billion, as measured by gross domestic product.
Politics. The Depression affected politics by shaking confidence in unfettered capitalism. That type of laissez-faire economics is what President Herbert Hoover advocated, and it had failed.
Social. The Dust Bowl drought destroyed farming in the Midwest. It lasted 10 years—too long for most farmers to hold out. To make things worse, prices for agricultural products dropped to their lowest level since the Civil War.
Unemployment. In 1928, the final year of the Roaring Twenties, unemployment was 4.2%
3. The Great Depression (1929-1939) By spring of 1933, when FDR took the oath of office, unemployment had risen from 8 to 15 million (roughly 1/3 of the non-farmer workforce) and the gross national product had decreased from $103.8 billion to $55.7 billion. Forty percent of the farms in Mississippi were on the auction block on FDR's inauguration day.
4.hey are part of the larger debate about economic crises and recessions. The specific economic events that took place during the Great Depression are well established. There was an initial stock market crash that triggered a "panic sell-off" of assets. This was followed by a deflation in asset and commodity prices, dramatic drops in demand and credit, and disruption of trade, ultimately resulting in widespread unemployment (over 13 million people were unemployed by 1932) and impoverishment. However, economists and historians have not reached a consensus on the causal relationships between various events and government economic policies in causing or ameliorating the Depression.
5. The Act and tariffs imposed by America’s trading partners in retaliation were major factors of the reduction of American exports and imports by 67% during the Depression.
6. The first reference to trickle-down economics came from American comedian and commentator Will Rogers, who used it to derisively describe President Herbert Hoover’s stimulus efforts during the Great Depression. More recently, opponents of President Ronald Reagan used the term to attack his income tax cuts.
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