The new deal and the great society
... The New Deal and the Great Society On October 29, 1929, the crash of the U,. S. stock market - known as Black Tuesday - setoff a world wide spiral in every part of the globe. In 1929-1933,
unemployment in the U. S. increased from the original 4 per cent to 25 per cent.
Manufacturing output plunged by approximately one third. Prices everywhere fell,
making the burden of the repayments of debts much harder. Heavy industry, mining,
lumbering, and agriculture were hard hit. The impact was much less severe in white
collar and service sectors, but every city and state was hit hard.
Upon accepting the democratic nomination for president, Roosevelt promised a
new deal for...