Great Depression

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The Great Depression was a trying time for much of the United States as many citizens were left without employment opportunities.

In the October of 1929, the stock market crashed causing a financial crisis that would punish the global economy in a way that had never been seen before. Traditional economic recovery policies were ineffective and Americans were beginning to lose hope as the unemployment rate skyrocketed to over 20%. A new approach was needed and was realized with the inauguration of Franklin D. Roosevelt in 1933. He took the advice of John Maynard Keynes and instituted government programs that would employ citizens and generate spending for building projects that would make up for lost aggregate demand. Although very slow initially, recovery would come as unemployment rates decreased and full relief from the depression would come for the United States with the onset of World War II.