all years | 1929 | 1939

 1939  Economy Revives

gdp
billion
change
deflator
m2
billion
change
dow
open
close
change
-3.08%↓
fed
spend
billion
fed
def
% gdp
top
tax
rate
cpi
change
job
less
rate

 click data for charts

President: Roosevelt (D); Senate: Barkley (D-KY); House: Bankhead (D-AL).

us
senate
dem
rep
other
us
house
dem
rep
other

 sources
The economic recovery that began in 1938 continued robustly in 1939 with GDP increasing by 7 percent over the year. However unemployment continued in double-digits for the entire year, and stocks, influenced perhaps by the gathering storm in Europe hardly budged by the end of the year.

Meanwhile, after the Republican surge of 1938 it was time for payback, and Congress passed the Hatch Act which forbade federal employees from engaging in political activities. The bill was sponsored by Senator Carl Hatch (D-NM) after disclosures about employees of the Works Progress Administration using their positions to win Democratic votes.

With isolationism a political factor Congress passed a Neutrality Act requiring all belligerents in the World War to pay cash for munitions (i.e., "cash and carry"). In practice this policy favored Britain and France since they had control of the oceans.


all years | 1929 | 1939

1929-1939: “A Decade that will live — in stupidity.”

Why Stuck on Stupid?

Seventy years ago the leaders of both US political parties turned away from the policies that had created an economic powerhouse we call the Roaring Twenties. For ten long years Americans suffered through wrenching economic dislocations: deflation, inflation, a four-year economic contraction, endless unemployment, mindless political experiments, and ruthless attacks on businessmen for political gain as their leaders stayed Stuck on Stupid.

Today, after a twenty-five year economic boom, Americans are once more faced with a political elite that wants to monkey with success. It wants to raise tax rates. It wants to restrict trade. It wants to increase government power.

It’s time to look back and remind ourselves how it came to be, starting in 1929, that America got itself Stuck on Stupid. Otherwise it could happen again.

 — Christopher Chantrill

 

 SOURCES

> archive

 

presented by Christopher Chantrill
Contact