In Oct. 8 Issue
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s. It was the longest, most widespread, and deepest depression of the 20th century, and is used in the 21st century as an example of how far the world's economy can decline. The depression originated in the United States, triggered by the stock market crash of October 29, 1929 (known as Black Tuesday), but quickly spread to almost every country in the world.
The Great Depression had devastating effects in virtually every country, rich and poor. Personal income, tax revenue, profits and prices dropped, and international trade plunged by half to two-thirds. Unemployment in the United States rose to 25%, and in some countries rose as high as 33%. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by approximately 60 percent.
President Herbert Hoover and President Franklin Roosevelt both initiated various programs to stimulate the economy. They redirected the banking industry, the housing industry, the railroads, new taxes, new tariffs and etc.
There has always been debate among politicians and scholars as to whether New Deal policies lengthened and deepened the Depression.
Political differences then, much as political differences today spurred many and varied opinions and objections.
All this is again brought to our attention by this cartoon from the past now being re-circulated via the internet.
Read the cartoon and be sure and read the plan of action in the lower left hand corner of the cartoon. This appeared on the editorial page of the Chicago Tribune in 1934.