Deep Dive
What were the key economic indicators of the Great Depression in the United States by 1932?
By 1932, the U.S. stock market had plummeted to just 11% of its 1929 value, with investors losing $74 billion. Over 5,000 banks and 86,000 businesses had closed, and the Gross National Product (GNP) fell from $104 billion to $41 billion. Unemployment soared, leading to widespread poverty and homelessness.
Why did the U.S. agricultural sector struggle during the Great Depression?
Agricultural prices collapsed during the Great Depression, with wheat selling for less than 25 cents per bushel and corn for less than 7 cents. Farmers could not cover production costs, leading many to destroy livestock and crops. Additionally, farmers faced foreclosure as they could not repay loans, further exacerbating the crisis.
What industries surprisingly thrived during the Great Depression?
Despite the economic downturn, certain industries like contraceptives, tobacco, radios, and movies experienced growth. Contraceptives were in demand due to financial constraints on raising children, while tobacco and entertainment provided affordable escapes from the harsh realities of the time.
How did the Great Depression affect education and public services in the U.S.?
The Great Depression severely impacted education and public services. Over 300,000 children dropped out of school due to a lack of funding, and many teachers were unemployed or underpaid. Public services were cut as municipal revenues, primarily from property taxes, dried up, leading to further societal strain.
What was the public perception of President Hoover during the Great Depression?
Public perception of President Hoover was overwhelmingly negative during the Great Depression. He was widely blamed for the economic crisis, and his policies were seen as ineffective. His speeches were met with boos and protests, and he became a symbol of the government's failure to address the suffering of the American people.
What were the key factors that led to Franklin D. Roosevelt's election in 1932?
Franklin D. Roosevelt's election in 1932 was driven by widespread dissatisfaction with President Hoover's handling of the Great Depression. Roosevelt's compassionate and reform-oriented rhetoric resonated with the public, contrasting sharply with Hoover's perceived indifference. Roosevelt won 42 out of 48 states, reflecting a strong mandate for change.
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