Public debt decreased from $26 billion in 1921 to $16 billion in 1930 Quotes: 1. “The Harding-Coolidge Era led to the greatest expansion of the US Economy ever seen by contemporary eyes.” (Ronald Reagan) 2. “The Fiscal Conservatism of the 1920s pushed away the recession of 1921-22 and roared America back to the world stage.” (Glenn Beck) 3. “Wealth in the hands of the few would augment the general welfare through increased capital investment.” (Tindall and
The annual inflation rate, too, only topped 6% twice, and was actually under 2% for 14 of the 25 years in this period. The real average hourly earnings of production workers increased at an average rate of over 2% per year” (Reuss). So, if the U.S. was doing so well during this time, how did this crisis of the 1970s come to be?
ASSIGNMENT 2 PROGRESSIVE ERA THROUGH The GREAT DEPRESSION The Prosperity Era or what is also known as the roaring twenties were a fun time for Americans and a time full of changes. “The 1920s were an age of dramatic social and political change. For the first time, more Americans lived in cities than on farms. The nation’s total wealth more than doubled between 1920 and 1929, and this economic growth swept many Americans into an affluent but unfamiliar “consumer society.” People from coast to coast bought the same goods (thanks to nationwide advertising and the spread of chain stores), listened to the same music, did the same dances and even used the same slang! Many Americans were uncomfortable with this new, urban, sometimes racy “mass culture”; in fact, for many–even most–people in the United States, the 1920s brought more conflict than celebration.
Adams provided information to support that World War II was in fact the best war ever, “The U.S gross national product increased 60 percent during the war. And while living costs rose 30 percent, total earnings went up 50 percent. By 1945, the United States owned two-thirds of the world’s gold reserves, half its shipping, and more than half its manufacturing capacity.” The recovery the United States economy went through is unbelievable, this was looked at as a “magic formula” that needed to be repeated if America was ever in a horrible place such as the Great Depression that left 8.9 million people unemployed. “Had the government spent as much during the Depression to pump the economy as it during the war, it would have achieved the same spectacular results.” During World War II the United States government spent a grand total of $323 billion dollars; but in order to achieve recovery financially there had to be just as much spending. According to a secondary source I found on an online database, the information provided supports the point Michael C.C Adam’s made in chapter 6.
The main change that happened in the 1920’s was the growth of industry. As technology grew, more factories were built, which could mass produce goods at incredible rate. Because they were being so widely produced, household goods became very affordable for the average American and as a result of this many people's lives were made easier and more entertaining by the accessibility of items such as hovers and radios. Also, in the 1920’s most homes had electricity, which changed people’s lives dramatically because electricity allowed the use of labour saving devises and made their homes more
The skyscrapers fuelled a massive boom in the construction industry and were thought by some as an expression of the great American spirit, a defiant display of American energy and optimism. Industrialisation also lead to extensions of existing cities into suburbs. This was mostly caused by increasing car ownership giving people much greater freedom of movement than ever before. “The spread of suburbia provided further testimony to the influence of the automobile”. The rapid industrialisation increased immigration into the US making necessary city growth.
1) How and for what reasons did United States foreign policy change between 1920 and 1941? In the eventful life of Americans during the Roaring Twenties, people were living up to the prosperous modern standards of society. But as soon as the Great Depression hit the world, the joys and excitement of life quickly dissipated and tension soon manifested itself among all nations. In the time period of 1920-1941 America experienced major global events that occurred in extremely short rapid intervals of time. From the end of World War I in 1918 to the Roaring Twenties, straight to the Great Depression in 1929, into the beginning of World War II in 1939, and all the way to the horror of the Pearl Harbor attack in 1941, America faced these occurrences with difficulty and confusion.
Lobby = pressure group Huge Loans to Allies with high interest, making money Loans used to buy USA stuff 1/3 shells USA on Western Front Wages increased by 25%, therefore leading economy, replace Britain. Key issue: Strongest economy. Want political role with that? 1920/30s No thanks Only 115,000 casualties in final year Very Limited World Role 1. Democratic Wilson want major role – Versailles 14 points League of Nations – Collective Security Paris Peace conference 1919 2.
As one of the great nations of the world the United States must not fall out of the line of march.” The most major factor of American expansion was profiteering. The year of the massacre at Wounded Knee in 1890, it was officially declared by the Bureau of the Census that the internal frontier was closed. The severe depression that began in 1893 strengthened the idea within the political and financial elite of the country that overseas markets for American goods might relieve the problem of underconsumption at home. Ninety percent of American products were sold at home; the 10 percent sold abroad amounted to a billion dollars. In his book “The New Empire”, Walter Lafever writes “By 1893, American trade exceeded that of every country in the world except England.
A 25 year trend, 1979-2004 “The average after-tax income of the top one percent of the population nearly tripled…for a total increase of…176 percent. By contrast, the average after-tax income of the middle fifth of the population rose a relatively modest 21 percent… The average after-tax income of the poorest fifth of the population rose just 6 percent” (Aron-Dine). II. The bigger the income gap, the more crime, ect. III.