PresidentialPositionsIssuesReceptionTimelineDocuments

Work in progress — cycles are added one at a time. Every quote is machine-verified against an archived source; follow the links to read it.

Timeline 1925–1945

Yearly indicator series (each archived from its publisher), an event lane (red = war, amber = economic, grey = political), election years (dotted), and presidential actions — follow-through mechanisms — placed on the indicators their position's category targets (data/schema/indicator_links.yaml). The before/after table shows the indicator in the action's year and 1, 2 and 4 years later. That is a reading of what happened next, not a measurement of what the action caused: many actions and events share the same years.

Events

192519261927192819291930193119321933193419351936193719381939194019411942194319441945 National Prohibition (1920-01-17 – 1933-12-05): 18th Amendment in force; repeal a major 1932 issue. National ProhibitionThe Great Depression (1929-10-24 – 1941-12-07): Economic collapse following the 1929 crash; ~25% unemployment by 1933. The Great DepressionStock market crash (1929-10-24 – 1929-11-13): Black Thursday to the November low. Dust Bowl (1930-01-01 – 1940-12-31): Prolonged drought and soil erosion across the Plains. Dust BowlSmoot–Hawley Tariff Act (1930-06-17): Raised US tariffs on over 20,000 imported goods; widely blamed for deepening the Depression. Banking panics of 1930–1933 (1930-11-01 – 1933-03-06): Successive waves of bank failures culminating in the March 1933 bank holiday. Banking panics of 1930–1933European war-debt crisis (1931-06-20 – 1934-06-15): Hoover moratorium (1931), Lausanne conference (1932), general default by 1934. European war-debt crisisJapanese invasion of Manchuria (1931-09-18 – 1932-02-18): Prompted the Stimson Doctrine of non-recognition. Bonus Army march and eviction (1932-05-01 – 1932-07-28): WWI veterans camped in Washington demanding early bonus payment; evicted by the Army under Hoover's orders. Townsend old-age pension movement (1933-09-30 – 1936-11-03): Dr. Francis Townsend's $200-a-month pension plan built about two million club members by 1936, pushed Congress toward Social Security, and fed the Union Party. Share Our Wealth movement and Huey Long's assassination (1934-02-23 – 1935-09-10): Long's Share Our Wealth clubs (7.5 million claimed members) threatened a 1936 third-party run until he was shot in Baton Rouge on Sept. 8, 1935; his following passed to Gerald L. K. Smith and the Union Party. The "Second New Deal" (1935) (1935-04-08 – 1935-08-30): Emergency Relief Appropriation Act (WPA), Wagner Act, Social Security Act, Banking Act, Public Utility Holding Company Act and the Wealth Tax Act, all enacted April–August 1935. Schechter decision voids the NIRA (1935-05-27): The Supreme Court unanimously struck down the National Industrial Recovery Act's code system; the NRA and its wage-hour codes lapsed. Italian invasion of Ethiopia (1935-10-03 – 1936-05-09): Mussolini's conquest of Ethiopia; League sanctions failed; the U.S. applied the 1935 Neutrality Act arms embargo. Butler decision voids the AAA (1936-01-06): United States v. Butler (6–3) held the Agricultural Adjustment Act's processing tax and production-control scheme unconstitutional; Congress substituted the Soil Conservation and Domestic Allotment Act (Feb. 29, 1936). Drought of 1936 (1936-06-01 – 1936-09-30): The hottest, driest summer on record across the Plains and Midwest; Roosevelt toured the drought states and called a Des Moines drought conference (Sept. 3) that Landon attended. Spanish Civil War (1936-07-17 – 1939-04-01): Nationalist rising against the Spanish Republic; Germany and Italy aided Franco; the U.S. extended its arms embargo to the conflict in January 1937. Spanish Civil WarSit-down strikes (GM Flint and after) (1936-12-30 – 1937-03-12): The UAW's Flint sit-down forced General Motors to recognize the union (Feb. 11, 1937); a wave of sit-downs followed, and U.S. Steel signed with the SWOC without a strike. The court-reorganization ("court-packing") fight (1937-02-05 – 1937-07-22): Roosevelt's bill to add up to six Supreme Court justices; defeated in the Senate after the Court upheld the Wagner Act and Social Security and Justice Van Devanter retired. Recession of 1937–38 (1937-05-01 – 1938-06-01): Sharp contraction after federal spending cuts and Fed tightening. 1938 midterm elections and the failed "purge" (1938-06-24 – 1938-11-08): Roosevelt campaigned against conservative Democrats in primaries and lost; Republicans gained 81 House and 8 Senate seats, cementing the conservative coalition. World War II (US participation) (1941-12-08 – 1945-09-02): Pearl Harbor declaration to the Japanese surrender. World War II (US participation)

Cash receipts from farm marketings — billions of dollars · FRED (St. Louis Fed) · annual mean of published observations · BEA farm output, annual, 1929–.

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 4.713.422.1 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1929: 11.3121930: 9.0551931: 6.3811932: 4.7481933: 5.2371934: 6.2021935: 7.091936: 8.4661937: 8.7561938: 7.4091939: 8.0881940: 8.1721941: 11.1441942: 15.3961943: 19.7931944: 20.4461945: 22.076 11 1933: 11 action(s) • 1933-01-13 veto: Veto of the Hawes-Cutting Philippine independence bill — Gradual Philippine independence — economic independence first, with duty-free sugar cut from 600,000 tons downward every year • 1933-03-16 message: Message on the Agricultural Adjustment Act — Raise staple farm prices by a tariff-equivalent benefit plus voluntary production control, at no cost to the Treasury • 1933-03-16 message: Message to Congress on the Agricultural Adjustment Act — Restore purchasing power to the farming half of the nation • 1933-03-27 message: Message on consolidation of federal farm credit agencies — Consolidate the seven federal farm-mortgage agencies under a single purpose • 1933-03-27 message: Message on consolidation of federal farm credit agencies — Government assistance to keep home-owners and farm-owners from foreclosure • 1933-03-27 executive_order: Executive Order 6084 — Farm Credit Administration — Reorganize the Department of Agriculture as the machinery for national agricultural planning • 1933-05-12 statute: Agricultural Adjustment Act — Raise staple farm prices by a tariff-equivalent benefit plus voluntary production control, at no cost to the Treasury • 1933-05-12 statute: Emergency Farm Mortgage Act (Title II, Agricultural Adjustment Act) — Government assistance to keep home-owners and farm-owners from foreclosure • 1933-05-12 statute: Agricultural Adjustment Administration within USDA — Reorganize the Department of Agriculture as the machinery for national agricultural planning • 1933-05-12 statute: Agricultural Adjustment Act — Restore purchasing power to the farming half of the nation • 1933-06-16 statute: Farm Credit Act of 1933 — Consolidate the seven federal farm-mortgage agencies under a single purpose 1 1935: 1 action(s) • 1935-04-27 statute: Soil Conservation Act / Soil Conservation Service — A national policy of planned land use — economic soil survey and retirement of marginal farmland 4 1936: 4 action(s) • 1936-03-01 statute: Soil Conservation and Domestic Allotment Act — Raise staple farm prices by a tariff-equivalent benefit plus voluntary production control, at no cost to the Treasury • 1936-03-01 statute: Soil Conservation and Domestic Allotment Act — A national policy of planned land use — economic soil survey and retirement of marginal farmland • 1936-03-01 statute: Soil Conservation and Domestic Allotment Act (after Butler struck the AAA) — Restore purchasing power to the farming half of the nation • 1936-05-20 statute: Rural Electrification Act operations (1936-) — Cheaper electricity and rural electrification by the 'yardstick' method 6 1937: 6 action(s) • 1937-02-06 message: Message on farm tenancy — A definite reduction of farm tenancy; refinance farm debt at low rates over long terms • 1937-02-10 message: Message on a program for the Great Plains — Continue drought and flood aid and a nation-wide flood-control and water-conservation policy • 1937-02-18 message: Message on crop insurance — Crop insurance and a stable food supply • 1937-05-12 message: Message transmitting the water conservation and flood control report — Continue drought and flood aid and a nation-wide flood-control and water-conservation policy • 1937-07-22 statute: Bankhead-Jones Farm Tenant Act — A definite reduction of farm tenancy; refinance farm debt at low rates over long terms • 1937-09-01 other: Farm Security Administration created — A definite reduction of farm tenancy; refinance farm debt at low rates over long terms 3 1938: 3 action(s) • 1938-02-16 statute: Federal Crop Insurance Corporation (AAA 1938, Title V) — Crop insurance and a stable food supply • 1938-02-16 statute: Agricultural Adjustment Act of 1938 — Continue soil conservation and domestic allotment payments; end ruinous surpluses; commodity loans on seasonal surpluses • 1938-06-28 statute: Flood Control Act of 1938 — Continue drought and flood aid and a nation-wide flood-control and water-conservation policy 1 1940: 1 action(s) • 1940-01-15 message: Message on the Tennessee Valley Authority — Cheaper electricity and rural electrification by the 'yardstick' method
26 presidential action(s) in 6 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1933 5.246.27.098.76 +3.52
1935 7.098.478.768.09 +1
1936 8.478.767.418.17 -0.29
1937 8.767.418.0911.14 +2.39
1938 7.418.098.1715.4 +7.99
1940 8.1711.1415.420.45 +12.27

Index of prices received by farmers (1910–14=100) — index · FRED (St. Louis Fed) · annual mean of published observations · NBER Macrohistory M0460A; monthly, averaged to annual. 1910–1967.

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 65.1135.9206.8 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1925: 156.251926: 145.3331927: 140.51928: 148.51929: 147.51930: 124.9171931: 86.8331932: 65.0831933: 70.3331934: 89.5831935: 108.9171936: 114.0831937: 122.51938: 96.9171939: 95.1671940: 100.3331941: 123.51942: 158.751943: 193.251944: 197.1671945: 206.75 11 1933: 11 action(s) • 1933-01-13 veto: Veto of the Hawes-Cutting Philippine independence bill — Gradual Philippine independence — economic independence first, with duty-free sugar cut from 600,000 tons downward every year • 1933-03-16 message: Message on the Agricultural Adjustment Act — Raise staple farm prices by a tariff-equivalent benefit plus voluntary production control, at no cost to the Treasury • 1933-03-16 message: Message to Congress on the Agricultural Adjustment Act — Restore purchasing power to the farming half of the nation • 1933-03-27 message: Message on consolidation of federal farm credit agencies — Consolidate the seven federal farm-mortgage agencies under a single purpose • 1933-03-27 message: Message on consolidation of federal farm credit agencies — Government assistance to keep home-owners and farm-owners from foreclosure • 1933-03-27 executive_order: Executive Order 6084 — Farm Credit Administration — Reorganize the Department of Agriculture as the machinery for national agricultural planning • 1933-05-12 statute: Agricultural Adjustment Act — Raise staple farm prices by a tariff-equivalent benefit plus voluntary production control, at no cost to the Treasury • 1933-05-12 statute: Emergency Farm Mortgage Act (Title II, Agricultural Adjustment Act) — Government assistance to keep home-owners and farm-owners from foreclosure • 1933-05-12 statute: Agricultural Adjustment Administration within USDA — Reorganize the Department of Agriculture as the machinery for national agricultural planning • 1933-05-12 statute: Thomas Amendment (Title III, Agricultural Adjustment Act) — Restore commodity prices toward their former dollar value rather than write down all debts • 1933-05-12 statute: Agricultural Adjustment Act — Restore purchasing power to the farming half of the nation 1 1935: 1 action(s) • 1935-04-27 statute: Soil Conservation Act / Soil Conservation Service — A national policy of planned land use — economic soil survey and retirement of marginal farmland 4 1936: 4 action(s) • 1936-03-01 statute: Soil Conservation and Domestic Allotment Act — Raise staple farm prices by a tariff-equivalent benefit plus voluntary production control, at no cost to the Treasury • 1936-03-01 statute: Soil Conservation and Domestic Allotment Act — A national policy of planned land use — economic soil survey and retirement of marginal farmland • 1936-03-01 statute: Soil Conservation and Domestic Allotment Act (after Butler struck the AAA) — Restore purchasing power to the farming half of the nation • 1936-05-20 statute: Rural Electrification Act operations (1936-) — Cheaper electricity and rural electrification by the 'yardstick' method 6 1937: 6 action(s) • 1937-02-06 message: Message on farm tenancy — A definite reduction of farm tenancy; refinance farm debt at low rates over long terms • 1937-02-10 message: Message on a program for the Great Plains — Continue drought and flood aid and a nation-wide flood-control and water-conservation policy • 1937-02-18 message: Message on crop insurance — Crop insurance and a stable food supply • 1937-05-12 message: Message transmitting the water conservation and flood control report — Continue drought and flood aid and a nation-wide flood-control and water-conservation policy • 1937-07-22 statute: Bankhead-Jones Farm Tenant Act — A definite reduction of farm tenancy; refinance farm debt at low rates over long terms • 1937-09-01 other: Farm Security Administration created — A definite reduction of farm tenancy; refinance farm debt at low rates over long terms 4 1938: 4 action(s) • 1938-02-16 statute: Federal Crop Insurance Corporation (AAA 1938, Title V) — Crop insurance and a stable food supply • 1938-02-16 statute: Agricultural Adjustment Act of 1938 — Continue soil conservation and domestic allotment payments; end ruinous surpluses; commodity loans on seasonal surpluses • 1938-02-16 statute: AAA 1938 provisions — Continue soil conservation and domestic allotment payments; end ruinous surpluses; commodity loans on seasonal surpluses • 1938-06-28 statute: Flood Control Act of 1938 — Continue drought and flood aid and a nation-wide flood-control and water-conservation policy 1 1940: 1 action(s) • 1940-01-15 message: Message on the Tennessee Valley Authority — Cheaper electricity and rural electrification by the 'yardstick' method
27 presidential action(s) in 6 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1933 70.3389.58108.92122.5 +52.17
1935 108.92114.08122.595.17 -13.75
1936 114.08122.596.92100.33 -13.75
1937 122.596.9295.17123.5 +1
1938 96.9295.17100.33158.75 +61.83
1940 100.33123.5158.75197.17 +96.83

Bank suspensions (all incorporated commercial banks) — banks per year · FRED (St. Louis Fed) · annual mean of published observations · Fed Banking and Monetary Statistics 1914-1941; annual count. Ends 1941.

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 81949.53891 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1925: 5791926: 9241927: 6361928: 4791929: 6281930: 12921931: 22131932: 14161933: 38911934: 441935: 341936: 431937: 581938: 521939: 411940: 221941: 8 1 1932: 1 action(s) • 1932-10-15 statute: Federal Home Loan Bank Act — banks operating — The Federal Home Loan Bank system to stop home foreclosures and finance new homes 9 1933: 9 action(s) • 1933-03-27 message: Message on consolidation of federal farm credit agencies — Consolidate the seven federal farm-mortgage agencies under a single purpose • 1933-03-27 message: Message on consolidation of federal farm credit agencies — Government assistance to keep home-owners and farm-owners from foreclosure • 1933-03-29 message: Message on federal supervision of investment securities — Require full public disclosure on all offerings of stocks and bonds • 1933-05-04 message: Message on emergency railroad legislation — Six-point railroad program — conditional federal support, receivership reform, ICC regulation of trucks and holding companies, consolidation • 1933-05-27 statute: Securities Act disclaimer of federal approval — No implied government approval of foreign bond sales; officials will not try to move stock prices • 1933-06-16 statute: Banking Act of 1933 (Glass-Steagall) — Separate investment banking from commercial banks; tighter national-bank supervision; faster payouts to depositors of closed banks • 1933-06-16 statute: Emergency Railroad Transportation Act — Six-point railroad program — conditional federal support, receivership reform, ICC regulation of trucks and holding companies, consolidation • 1933-10-15 executive_order: Deposit Liquidation Board — Separate investment banking from commercial banks; tighter national-bank supervision; faster payouts to depositors of closed banks • 1933-10-20 other: Foreign Bondholders Protective Council — No implied government approval of foreign bond sales; officials will not try to move stock prices 2 1934: 2 action(s) • 1934-02-09 message: Message recommending a Securities Exchange Commission — Federal regulation of securities and commodity exchanges, interstate holding companies and interstate utility rates • 1934-06-06 statute: Securities Exchange Act — Federal regulation of securities and commodity exchanges, interstate holding companies and interstate utility rates 3 1935: 3 action(s) • 1935-08-09 statute: Motor Carrier Act — Six-point railroad program — conditional federal support, receivership reform, ICC regulation of trucks and holding companies, consolidation • 1935-08-23 statute: Banking Act of 1935 — Prevent another runaway credit expansion through government information, not government control of credit • 1935-08-26 statute: Public Utility Holding Company Act — Federal regulation of securities and commodity exchanges, interstate holding companies and interstate utility rates 2 1938: 2 action(s) • 1938-06-15 veto: Veto of the farm-loan interest-rate extension — Low interest rates, sounder home financing, better banking • 1938-12-13 executive_order: FHA insurance authorization raised — Low interest rates, sounder home financing, better banking
17 presidential action(s) in 5 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1932 141638914443 -1373
1933 3891443458 -3833
1934 44344352 +8
1935 34435841 +7
1938 524122— —

Gross domestic product (nominal, annual) — billions of dollars · FRED (St. Louis Fed) · annual mean of published observations

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 57.2142.6228 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1929: 104.5561930: 92.161931: 77.3911932: 59.5221933: 57.1541934: 66.81935: 74.2411936: 84.831937: 93.0031938: 87.3521939: 93.4371940: 102.8991941: 129.3091942: 165.9521943: 203.0841944: 224.4471945: 228.007 2 1932: 2 action(s) • 1932-10-15 statute: Federal Home Loan Bank Act — banks operating — The Federal Home Loan Bank system to stop home foreclosures and finance new homes • 1932-12-19 message: Special message on intergovernmental debts — The 1931 German moratorium and standstill agreements stemmed European collapse and will be built upon 21 1933: 21 action(s) • 1933-01-13 veto: Veto of the Hawes-Cutting Philippine independence bill — Gradual Philippine independence — economic independence first, with duty-free sugar cut from 600,000 tons downward every year • 1933-03-10 message: Economy message: pledge to cover expenditures 'within a year' — Balance the federal budget annually within revenues • 1933-03-10 message: Message on economies in government — Cut the cost of the federal government by at least 25 percent • 1933-03-16 message: Message on the Agricultural Adjustment Act — Raise staple farm prices by a tariff-equivalent benefit plus voluntary production control, at no cost to the Treasury • 1933-03-16 message: Message to Congress on the Agricultural Adjustment Act — Restore purchasing power to the farming half of the nation • 1933-03-27 message: Message on consolidation of federal farm credit agencies — Consolidate the seven federal farm-mortgage agencies under a single purpose • 1933-03-27 message: Message on consolidation of federal farm credit agencies — Government assistance to keep home-owners and farm-owners from foreclosure • 1933-03-29 message: Message on federal supervision of investment securities — Require full public disclosure on all offerings of stocks and bonds • 1933-04-10 message: TVA message: 'national planning for a complete river watershed' — National economic planning on the model of the 1917 war mobilization • 1933-05-04 message: Message on emergency railroad legislation — Six-point railroad program — conditional federal support, receivership reform, ICC regulation of trucks and holding companies, consolidation • 1933-05-07 message: Second fireside chat: 'a partnership in planning' — National economic planning on the model of the 1917 war mobilization • 1933-05-07 message: Second fireside chat: 'partnership,' not control — Remove government from private enterprise except public works and natural resources … and 9 more10 1934: 10 action(s) • 1934-01-03 budget: FY1935 budget message with continuing deficit — Balance the federal budget annually within revenues • 1934-01-03 budget: Budget message FY1935: 'regular' versus 'emergency' expenditures — Cut the cost of the federal government by at least 25 percent • 1934-01-30 statute: Gold Reserve Act (devaluation to $35) — A sound currency preserved at all hazards • 1934-02-09 message: Message recommending a Securities Exchange Commission — Federal regulation of securities and commodity exchanges, interstate holding companies and interstate utility rates • 1934-03-02 message: Message requesting authority regarding foreign trade — Revise the tariff downward through reciprocal trade agreements • 1934-04-13 statute: Johnson Act (Foreign Securities Act) — No cancellation of the war debts — make payment possible by restoring trade • 1934-05-22 message: Message on silver policy / Silver Purchase Act — A sound currency preserved at all hazards • 1934-06-06 statute: Securities Exchange Act — Federal regulation of securities and commodity exchanges, interstate holding companies and interstate utility rates • 1934-06-12 statute: Reciprocal Trade Agreements Act — Revise the tariff downward through reciprocal trade agreements • 1934-06-12 statute: Reciprocal Trade Agreements Act — A "competitive" tariff set through a scientific Tariff Commission, with anti-log-rolling rules and a public counsel 12 1935: 12 action(s) • 1935-03-12 message: Message recommending regulation of public utility holding companies — Eight-point federal utility program: publicity, Federal Power Commission control of holding companies, prudent-investment rate base • 1935-07-05 statute: National Labor Relations Act — An "economic declaration of rights" — the right to make a living and the right to safe savings • 1935-07-05 statute: National Labor Relations Act — A more equitable distribution of national income — higher reward to labor, lower to speculative capital • 1935-08-09 statute: Motor Carrier Act — Six-point railroad program — conditional federal support, receivership reform, ICC regulation of trucks and holding companies, consolidation • 1935-08-14 statute: Social Security Act — An "economic declaration of rights" — the right to make a living and the right to safe savings • 1935-08-14 statute: Social Security Act — "A new deal for the American people" — work and security through liberal, planned government action • 1935-08-23 statute: Banking Act of 1935 — Prevent another runaway credit expansion through government information, not government control of credit • 1935-08-26 statute: Securities Act, Securities Exchange Act, Banking Act, PUHCA — Government as a check on concentrated economic power — "individualism" redefined as equality of opportunity • 1935-08-26 statute: Public Utility Holding Company Act — Federal regulation of securities and commodity exchanges, interstate holding companies and interstate utility rates • 1935-08-26 statute: Public Utility Holding Company Act and Federal Power Act (Title II) — Eight-point federal utility program: publicity, Federal Power Commission control of holding companies, prudent-investment rate base • 1935-08-30 statute: Revenue Act of 1935 ('wealth tax') — A more equitable distribution of national income — higher reward to labor, lower to speculative capital • 1935-08-30 statute: Revenue Act of 1935 — Raise revenue by graduated income, inheritance and profits taxes, not taxes on necessities 3 1936: 3 action(s) • 1936-03-01 statute: Soil Conservation and Domestic Allotment Act — Raise staple farm prices by a tariff-equivalent benefit plus voluntary production control, at no cost to the Treasury • 1936-03-01 statute: Soil Conservation and Domestic Allotment Act (after Butler struck the AAA) — Restore purchasing power to the farming half of the nation • 1936-09-25 treaty: Tripartite Monetary Agreement — Convene international monetary and economic conferences to stabilize currencies and restore trade 4 1937: 4 action(s) • 1937-01-14 message: Statement urging extension of the trade-agreements authority — Continue the reciprocal trade agreements to lower barriers against American exports • 1937-05-24 message: Message on minimum wages and maximum hours — Revive the NRA's principles 'by one device or another' (imputed; the President would not say) • 1937-06-01 budget: Spending cuts of 1937 and the recession — Balance the federal budget annually within revenues • 1937-11-16 message: Letter to the FTC on monopolistic practices raising living costs — Vigorously enforce the antitrust laws and restore their efficacy against new corporate devices 8 1938: 8 action(s) • 1938-03-11 appointment: Thurman Arnold heads the Antitrust Division — Vigorously enforce the antitrust laws and restore their efficacy against new corporate devices • 1938-04-29 message: Message on curbing monopolies — Vigorously enforce the antitrust laws and restore their efficacy against new corporate devices • 1938-04-29 message: Message on curbing monopolies — Take power from the 'economic royalists': the mandate of 1932 is to end economic tyranny • 1938-05-28 statute: Revenue Act of 1938 reduces the undistributed-profits surtax — Defense of the undistributed-profits tax as a loophole-closer; correct imperfections if found • 1938-06-15 veto: Veto of the farm-loan interest-rate extension — Low interest rates, sounder home financing, better banking • 1938-06-16 statute: Temporary National Economic Committee created — Vigorously enforce the antitrust laws and restore their efficacy against new corporate devices • 1938-06-16 statute: Temporary National Economic Committee — Take power from the 'economic royalists': the mandate of 1932 is to end economic tyranny • 1938-12-13 executive_order: FHA insurance authorization raised — Low interest rates, sounder home financing, better banking 1 1939: 1 action(s) • 1939-06-29 statute: Revenue Act of 1939 repeals the tax — Defense of the undistributed-profits tax as a loophole-closer; correct imperfections if found 1 1940: 1 action(s) • 1940-04-12 statute: Trade agreements program renewed — Continue the reciprocal trade agreements to lower barriers against American exports
62 presidential action(s) in 9 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1932 59.5257.1566.884.83 +25.31
1933 57.1566.874.2493 +35.85
1934 66.874.2484.8387.35 +20.55
1935 74.2484.839393.44 +19.2
1936 84.839387.35102.9 +18.07
1937 9387.3593.44129.31 +36.31
1938 87.3593.44102.9165.95 +78.6
1939 93.44102.9129.31203.08 +109.65
1940 102.9129.31165.95224.45 +121.55

High school graduates as percent of 17-year-olds — percent · NCES Digest of Education Statistics · school year ending in the given year; published years only

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 2939.950.8 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1930: 29.0491940: 50.83 1 1935: 1 action(s) • 1935-08-14 statute: Social Security Act Titles IV and V; National Youth Administration — Maintain the Children's Bureau; keep children in school to sixteen; expand vocational education 1 1937: 1 action(s) • 1937-04-05 message: Message on making the CCC a permanent agency — Continue help for young people to obtain an education and a chance to use it 1 1939: 1 action(s) • 1939-07-01 other: National Youth Administration continued — Continue help for young people to obtain an education and a chance to use it
3 presidential action(s) in 3 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1935 ———— —
1937 ———— —
1939 —50.83—— —

Index of all common stock prices (Cowles / S&P) — index · FRED (St. Louis Fed) · annual mean of published observations · NBER Macrohistory M1125A; monthly, averaged to annual. 1871–1956.

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 51.1126200.9 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1925: 94.7581926: 105.61927: 124.9171928: 158.2751929: 200.9081930: 158.21931: 99.4831932: 51.151933: 67.0421934: 76.5751935: 82.9171936: 117.51937: 117.4751938: 88.1831939: 94.1831940: 88.1421941: 79.9581942: 69.3171943: 91.8671944: 99.8331945: 121.458 2 1933: 2 action(s) • 1933-05-27 statute: Securities Act of 1933 — Require full public disclosure on all offerings of stocks and bonds • 1933-06-16 statute: Banking Act of 1933 (Glass-Steagall) — Separate investment banking from commercial banks; tighter national-bank supervision; faster payouts to depositors of closed banks
2 presidential action(s) in 1 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1933 67.0476.5882.92117.47 +50.43

Federal debt outstanding — billions of dollars (nominal) · U.S. Treasury Fiscal Data · value at fiscal year end · Fiscal years ended June 30 through 1976, September 30 thereafter. Nominal dollars; see federal-debt-pct-gdp for the ratio.

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 16.2137.4258.7 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1925: 20.5161926: 19.6431927: 18.5121928: 17.6041929: 16.9311930: 16.1851931: 16.8011932: 19.4871933: 22.5391934: 27.0531935: 28.7011936: 33.7791937: 36.4251938: 37.1651939: 40.441940: 42.9681941: 48.9611942: 72.4221943: 136.6961944: 201.0031945: 258.682 3 1933: 3 action(s) • 1933-03-10 message: Economy message: pledge to cover expenditures 'within a year' — Balance the federal budget annually within revenues • 1933-03-10 message: Message on economies in government — Cut the cost of the federal government by at least 25 percent • 1933-06-16 budget: NIRA public-works allotment for 32 warships — An adequate Army and Navy without a near-billion-dollar peacetime burden 3 1934: 3 action(s) • 1934-01-03 budget: FY1935 budget message with continuing deficit — Balance the federal budget annually within revenues • 1934-01-03 budget: Budget message FY1935: 'regular' versus 'emergency' expenditures — Cut the cost of the federal government by at least 25 percent • 1934-03-27 statute: Vinson-Trammell Act — An adequate Army and Navy without a near-billion-dollar peacetime burden 1 1935: 1 action(s) • 1935-05-22 veto: Veto of the Patman bonus bill (address to joint session) — No early payment of the veterans' bonus until the budget is balanced with a cash surplus 2 1936: 2 action(s) • 1936-01-24 veto: Veto of the soldiers' bonus — No early payment of the veterans' bonus until the budget is balanced with a cash surplus • 1936-01-27 statute: Adjusted Compensation Payment Act (over veto) — No early payment of the veterans' bonus until the budget is balanced with a cash surplus 1 1937: 1 action(s) • 1937-06-01 budget: Spending cuts of 1937 and the recession — Balance the federal budget annually within revenues
10 presidential action(s) in 5 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1933 22.5427.0528.736.42 +13.89
1934 27.0528.733.7837.16 +10.11
1935 28.733.7836.4240.44 +11.74
1936 33.7836.4237.1642.97 +9.19
1937 36.4237.1640.4448.96 +12.54

Federal outlays as percent of GDP — percent of GDP · FRED (St. Louis Fed) · annual last of published observations

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 321.840.7 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1929: 2.9911930: 3.6021931: 4.6221932: 7.8271933: 8.0451934: 9.7921935: 8.6371936: 9.6991937: 8.151938: 7.831939: 9.7831940: 9.2011941: 10.5581942: 21.1731943: 38.6811944: 40.6791945: 40.662 7 1933: 7 action(s) • 1933-03-10 message: Economy message: pledge to cover expenditures 'within a year' — Balance the federal budget annually within revenues • 1933-03-10 message: Message on economies in government — Cut the cost of the federal government by at least 25 percent • 1933-03-20 statute: Economy Act of 1933 — Cut the cost of the federal government by at least 25 percent • 1933-05-12 statute: Federal Emergency Relief Act — Federal leadership in distress relief — federal credit to states whose resources are exhausted • 1933-06-16 statute: NIRA Title II public works ($3.3 billion) — Cut the cost of the federal government by at least 25 percent • 1933-06-16 budget: NIRA public-works allotment for 32 warships — An adequate Army and Navy without a near-billion-dollar peacetime burden • 1933-10-14 treaty: Geneva conference and its collapse — International agreements for the reduction of armaments 3 1934: 3 action(s) • 1934-01-03 budget: FY1935 budget message with continuing deficit — Balance the federal budget annually within revenues • 1934-01-03 budget: Budget message FY1935: 'regular' versus 'emergency' expenditures — Cut the cost of the federal government by at least 25 percent • 1934-03-27 statute: Vinson-Trammell Act — An adequate Army and Navy without a near-billion-dollar peacetime burden 1 1935: 1 action(s) • 1935-05-22 veto: Veto of the Patman bonus bill (address to joint session) — No early payment of the veterans' bonus until the budget is balanced with a cash surplus 2 1936: 2 action(s) • 1936-01-24 veto: Veto of the soldiers' bonus — No early payment of the veterans' bonus until the budget is balanced with a cash surplus • 1936-01-27 statute: Adjusted Compensation Payment Act (over veto) — No early payment of the veterans' bonus until the budget is balanced with a cash surplus 3 1937: 3 action(s) • 1937-01-07 budget: Budget message for fiscal 1938 — Balance the budget within a year or two out of rising national income, without new taxes • 1937-04-13 message: Message on eliminating unnecessary expenditures — Reduce the expenses of government as relief needs decline • 1937-06-01 budget: Spending cuts of 1937 and the recession — Balance the federal budget annually within revenues 3 1938: 3 action(s) • 1938-01-28 message: Message recommending increased defense appropriations — Keep the United States out of war: true neutrality, take the profits out of war, no political commitments • 1938-04-14 message: Message on stimulating recovery (spending program) — Balance the budget within a year or two out of rising national income, without new taxes • 1938-04-14 message: Message on stimulating recovery — Reduce the expenses of government as relief needs decline
19 presidential action(s) in 6 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1933 8.049.798.648.15 +0.11
1934 9.798.649.77.83 -1.96
1935 8.649.78.159.78 +1.15
1936 9.78.157.839.2 -0.5
1937 8.157.839.7810.56 +2.41
1938 7.839.789.221.17 +13.34

Federal surplus or deficit (fiscal year) — millions of dollars · FRED (St. Louis Fed) · annual last of published observations

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election -54554-26699.51155 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1925: 7171926: 8651927: 11551928: 9391929: 7341930: 7381931: -4621932: -27351933: -26021934: -35861935: -28031936: -43041937: -21931938: -891939: -28461940: -29201941: -49411942: -205031943: -545541944: -475571945: -47553 7 1933: 7 action(s) • 1933-03-10 message: Economy message: pledge to cover expenditures 'within a year' — Balance the federal budget annually within revenues • 1933-03-10 message: Message on economies in government — Cut the cost of the federal government by at least 25 percent • 1933-03-20 statute: Economy Act of 1933 — Cut the cost of the federal government by at least 25 percent • 1933-03-20 statute: Economy Act of 1933, Section 17 — Full justice and generosity for veterans disabled by actual wartime service — silence on the bonus • 1933-06-16 statute: NIRA Title II public works ($3.3 billion) — Cut the cost of the federal government by at least 25 percent • 1933-06-16 budget: NIRA public-works allotment for 32 warships — An adequate Army and Navy without a near-billion-dollar peacetime burden • 1933-06-16 statute: NIRA reemployment taxes — Raise revenue by graduated income, inheritance and profits taxes, not taxes on necessities 4 1934: 4 action(s) • 1934-01-03 budget: FY1935 budget message with continuing deficit — Balance the federal budget annually within revenues • 1934-01-03 budget: Budget message FY1935: 'regular' versus 'emergency' expenditures — Cut the cost of the federal government by at least 25 percent • 1934-03-27 statute: Vinson-Trammell Act — An adequate Army and Navy without a near-billion-dollar peacetime burden • 1934-03-28 statute: Independent Offices Appropriation Act (over veto) — Full justice and generosity for veterans disabled by actual wartime service — silence on the bonus 2 1935: 2 action(s) • 1935-05-22 veto: Veto of the Patman bonus bill (address to joint session) — No early payment of the veterans' bonus until the budget is balanced with a cash surplus • 1935-08-30 statute: Revenue Act of 1935 — Raise revenue by graduated income, inheritance and profits taxes, not taxes on necessities 2 1936: 2 action(s) • 1936-01-24 veto: Veto of the soldiers' bonus — No early payment of the veterans' bonus until the budget is balanced with a cash surplus • 1936-01-27 statute: Adjusted Compensation Payment Act (over veto) — No early payment of the veterans' bonus until the budget is balanced with a cash surplus 6 1937: 6 action(s) • 1937-01-07 budget: Budget message for fiscal 1938 — Balance the budget within a year or two out of rising national income, without new taxes • 1937-04-13 message: Message on eliminating unnecessary expenditures — Balance the budget within a year or two out of rising national income, without new taxes • 1937-06-01 budget: Spending cuts of 1937 and the recession — Balance the federal budget annually within revenues • 1937-06-01 message: Message on tax evasion prevention — Taxes levied according to ability to pay; lower taxes for 99 percent, higher at the top • 1937-08-26 statute: Revenue Act of 1937 — Taxes levied according to ability to pay; lower taxes for 99 percent, higher at the top • 1937-10-19 message: Statement summarizing the 1938 budget — Balance the budget within a year or two out of rising national income, without new taxes 4 1938: 4 action(s) • 1938-04-14 message: Message on stimulating recovery (spending program) — Balance the budget within a year or two out of rising national income, without new taxes • 1938-04-14 message: Message on stimulating recovery — Reduce the expenses of government as relief needs decline • 1938-05-28 statute: Revenue Act of 1938 reduces the undistributed-profits surtax — Defense of the undistributed-profits tax as a loophole-closer; correct imperfections if found • 1938-05-28 statute: Revenue Act of 1938 (became law without signature) — Taxes levied according to ability to pay; lower taxes for 99 percent, higher at the top 2 1939: 2 action(s) • 1939-06-29 statute: Revenue Act of 1939 repeals the tax — Defense of the undistributed-profits tax as a loophole-closer; correct imperfections if found • 1939-08-10 statute: Social Security Act Amendments of 1939 (financing changes) — Defense of the payroll-tax financing: the employer pays an equal share and the reserves are safe
27 presidential action(s) in 7 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1933 -2602-3586-2803-2193 +409
1934 -3586-2803-4304-89 +3497
1935 -2803-4304-2193-2846 -43
1936 -4304-2193-89-2920 +1384
1937 -2193-89-2846-4941 -2748
1938 -89-2846-2920-20503 -20414
1939 -2846-2920-4941-54554 -51708

Consumer credit outstanding (1943–) — billions of dollars · FRED (St. Louis Fed) · annual last of published observations · Proxy for household debt; earlier decades are not in FRED. Monthly, year-end value.

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 5.466.6 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1943: 5.4631944: 5.5861945: 6.567

Nonfarm real estate foreclosures — foreclosures per year · FRED (St. Louis Fed) · annual sum of published observations · NBER Macrohistory M09075; monthly counts summed to annual. 1934–1963 only, so it shows the HOLC era but not the pre-1934 peak.

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 12706121528230350 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1934: 2303501935: 2287131936: 1854391937: 1513661938: 1183571939: 1004101940: 755561941: 585591942: 419971943: 252811944: 171531945: 12706 1 1933: 1 action(s) • 1933-06-13 statute: Home Owners' Loan Act — Government assistance to keep home-owners and farm-owners from foreclosure
1 presidential action(s) in 1 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1933 —230350228713151366 —

Industrial production index (2017=100) — index · FRED (St. Louis Fed) · annual mean of published observations · Federal Reserve G.17; monthly, averaged to annual. 1919–.

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 4.110.416.7 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1925: 6.2291926: 6.591927: 6.5861928: 6.8571929: 7.6121930: 6.3241931: 5.2371932: 4.0881933: 4.8431934: 5.2491935: 6.0791936: 7.1741937: 7.8581938: 6.2131939: 7.6251940: 8.8071941: 11.1231942: 12.7641943: 15.5041944: 16.6661945: 14.265 11 1933: 11 action(s) • 1933-03-29 message: Message on federal supervision of investment securities — Require full public disclosure on all offerings of stocks and bonds • 1933-04-10 message: TVA message: 'national planning for a complete river watershed' — National economic planning on the model of the 1917 war mobilization • 1933-05-04 message: Message on emergency railroad legislation — Six-point railroad program — conditional federal support, receivership reform, ICC regulation of trucks and holding companies, consolidation • 1933-05-07 message: Second fireside chat: 'a partnership in planning' — National economic planning on the model of the 1917 war mobilization • 1933-05-07 message: Second fireside chat: 'partnership,' not control — Remove government from private enterprise except public works and natural resources • 1933-05-18 statute: Tennessee Valley Authority Act — Remove government from private enterprise except public works and natural resources • 1933-06-16 statute: National Industrial Recovery Act — antitrust exemption — Strengthen and impartially enforce the antitrust laws • 1933-06-16 statute: National Industrial Recovery Act — National economic planning on the model of the 1917 war mobilization • 1933-06-16 statute: National Industrial Recovery Act — Industry leaders to organize cooperatively for the common good; government regulates only as a last resort • 1933-06-16 statute: The Hundred Days legislation — "A new deal for the American people" — work and security through liberal, planned government action • 1933-06-16 statute: Emergency Railroad Transportation Act — Six-point railroad program — conditional federal support, receivership reform, ICC regulation of trucks and holding companies, consolidation 2 1934: 2 action(s) • 1934-02-09 message: Message recommending a Securities Exchange Commission — Federal regulation of securities and commodity exchanges, interstate holding companies and interstate utility rates • 1934-06-06 statute: Securities Exchange Act — Federal regulation of securities and commodity exchanges, interstate holding companies and interstate utility rates 5 1935: 5 action(s) • 1935-03-12 message: Message recommending regulation of public utility holding companies — Eight-point federal utility program: publicity, Federal Power Commission control of holding companies, prudent-investment rate base • 1935-08-09 statute: Motor Carrier Act — Six-point railroad program — conditional federal support, receivership reform, ICC regulation of trucks and holding companies, consolidation • 1935-08-26 statute: Securities Act, Securities Exchange Act, Banking Act, PUHCA — Government as a check on concentrated economic power — "individualism" redefined as equality of opportunity • 1935-08-26 statute: Public Utility Holding Company Act — Federal regulation of securities and commodity exchanges, interstate holding companies and interstate utility rates • 1935-08-26 statute: Public Utility Holding Company Act and Federal Power Act (Title II) — Eight-point federal utility program: publicity, Federal Power Commission control of holding companies, prudent-investment rate base 2 1937: 2 action(s) • 1937-05-24 message: Message on minimum wages and maximum hours — Revive the NRA's principles 'by one device or another' (imputed; the President would not say) • 1937-11-16 message: Letter to the FTC on monopolistic practices raising living costs — Vigorously enforce the antitrust laws and restore their efficacy against new corporate devices 7 1938: 7 action(s) • 1938-03-11 appointment: Thurman Arnold heads the Antitrust Division — Vigorously enforce the antitrust laws and restore their efficacy against new corporate devices • 1938-04-14 message: Message on stimulating recovery (spending program) — Balance the budget within a year or two out of rising national income, without new taxes • 1938-04-29 message: Message on curbing monopolies — Vigorously enforce the antitrust laws and restore their efficacy against new corporate devices • 1938-04-29 message: Message on curbing monopolies — Take power from the 'economic royalists': the mandate of 1932 is to end economic tyranny • 1938-05-28 statute: Revenue Act of 1938 reduces the undistributed-profits surtax — Defense of the undistributed-profits tax as a loophole-closer; correct imperfections if found • 1938-06-16 statute: Temporary National Economic Committee created — Vigorously enforce the antitrust laws and restore their efficacy against new corporate devices • 1938-06-16 statute: Temporary National Economic Committee — Take power from the 'economic royalists': the mandate of 1932 is to end economic tyranny 1 1939: 1 action(s) • 1939-06-29 statute: Revenue Act of 1939 repeals the tax — Defense of the undistributed-profits tax as a loophole-closer; correct imperfections if found
28 presidential action(s) in 6 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1933 4.845.256.087.86 +3.02
1934 5.256.087.176.21 +0.96
1935 6.087.177.867.62 +1.55
1937 7.866.217.6211.12 +3.27
1938 6.217.628.8112.76 +6.55
1939 7.628.8111.1215.5 +7.88

Index of construction contracts awarded (cost-adjusted) — index · FRED (St. Louis Fed) · annual mean of published observations · NBER Macrohistory M02108 (Engineering News-Record); monthly, averaged to annual. 1914–1943. Public works show up here.

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 101.8327.6553.4 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1925: 201.6671926: 227.3331927: 261.5831928: 283.3331929: 316.0831930: 261.3331931: 222.4171932: 127.1671933: 101.751934: 117.0831935: 133.51936: 185.3331937: 171.8331938: 196.51939: 210.5831940: 268.8331941: 375.0831942: 553.4171943: 210.333 1 1932: 1 action(s) • 1932-10-15 statute: Federal Home Loan Bank Act — banks operating — The Federal Home Loan Bank system to stop home foreclosures and finance new homes 7 1933: 7 action(s) • 1933-03-21 message: Message proposing the Civilian Conservation Corps — Employ a million men reforesting marginal and abandoned land • 1933-04-10 message: Message suggesting the Tennessee Valley Authority — Public development of hydro-electric power on the St. Lawrence model, with national control of interstate transmission • 1933-05-17 message: NIRA message: $3.3 billion public works — Public works spending is only a stopgap, not a cure for unemployment • 1933-05-18 statute: Tennessee Valley Authority Act — Public development of hydro-electric power on the St. Lawrence model, with national control of interstate transmission • 1933-06-16 statute: NIRA Title II public works ($3.3 billion) — Cut the cost of the federal government by at least 25 percent • 1933-06-16 statute: NIRA Title II — Public Works Administration — Expand self-sustaining public works and temporary federal work (forests, flood control, waterways), with advance planning • 1933-09-30 budget: PWA allotment for Bonneville Dam — The next federal hydro-electric development will be on the Columbia River 1 1934: 1 action(s) • 1934-06-27 statute: National Housing Act (FHA) — Slum clearance and modern housing for the urban poor as a "human necessity" among public works 3 1935: 3 action(s) • 1935-04-08 statute: Emergency Relief Appropriation Act (WPA) — 'Employment for all surplus labor at all times' through self-liquidating public works (the Shearon letter, as Hoover read it) • 1935-04-08 statute: Emergency Relief Appropriation Act (WPA) — Public works spending is only a stopgap, not a cure for unemployment • 1935-04-08 statute: Emergency Relief Appropriation Act (WPA) — Expand self-sustaining public works and temporary federal work (forests, flood control, waterways), with advance planning 4 1937: 4 action(s) • 1937-02-10 message: Message on a program for the Great Plains — Continue drought and flood aid and a nation-wide flood-control and water-conservation policy • 1937-05-12 message: Message transmitting the water conservation and flood control report — Continue drought and flood aid and a nation-wide flood-control and water-conservation policy • 1937-09-01 statute: United States Housing Act of 1937 (Wagner-Steagall) — Extend the federal housing program toward adequate housing for those in slums; encourage private building • 1937-11-27 message: Message on private construction of housing — Extend the federal housing program toward adequate housing for those in slums; encourage private building 2 1938: 2 action(s) • 1938-06-28 statute: Flood Control Act of 1938 — Continue drought and flood aid and a nation-wide flood-control and water-conservation policy • 1938-12-13 executive_order: FHA insurance authorization raised to $3 billion — Extend the federal housing program toward adequate housing for those in slums; encourage private building
18 presidential action(s) in 6 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1932 127.17101.75117.08185.33 +58.17
1933 101.75117.08133.5171.83 +70.08
1934 117.08133.5185.33196.5 +79.42
1935 133.5185.33171.83210.58 +77.08
1937 171.83196.5210.58375.08 +203.25
1938 196.5210.58268.83553.42 +356.92

Average hourly earnings, 25 manufacturing industries — dollars per hour (nominal) · FRED (St. Louis Fed) · annual mean of published observations · NBER Macrohistory M08142; monthly, averaged to annual. 1920–1948.

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 0.50.81.1 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1925: 0.5611926: 0.5681927: 0.5761928: 0.5791929: 0.591930: 0.5891931: 0.5641932: 0.4981933: 0.4911934: 0.581935: 0.5991936: 0.6191937: 0.6951938: 0.7161939: 0.721940: 0.7391941: 0.8141942: 0.9241943: 1.0141944: 1.0671945: 1.097 2 1933: 2 action(s) • 1933-06-16 statute: National Industrial Recovery Act — National economic planning on the model of the 1917 war mobilization • 1933-06-16 statute: National Industrial Recovery Act wage and hour codes — A more equitable distribution of national income — higher reward to labor, lower to speculative capital 1 1937: 1 action(s) • 1937-05-24 message: Message on establishing minimum wages and maximum hours — Shorter hours, higher wages, end child labor and sweatshops 2 1938: 2 action(s) • 1938-06-25 statute: Fair Labor Standards Act of 1938 — Revive the NRA's principles 'by one device or another' (imputed; the President would not say) • 1938-06-25 statute: Fair Labor Standards Act of 1938 — Shorter hours, higher wages, end child labor and sweatshops
5 presidential action(s) in 3 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1933 0.490.580.60.69 +0.2
1937 0.690.720.720.81 +0.12
1938 0.720.720.740.92 +0.21

Average hours worked per week, manufacturing — hours · FRED (St. Louis Fed) · annual mean of published observations · NBER Macrohistory M0829A; monthly, averaged to annual. 1920–1948.

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 33.64148.3 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1925: 48.2081926: 48.1331927: 47.7251928: 47.9251929: 48.3421930: 43.8921931: 40.3581932: 34.8081933: 36.4171934: 34.71935: 37.1581936: 39.4581937: 38.7421938: 34.3081939: 37.6251940: 38.5581941: 41.2251942: 43.0331943: 45.0331944: 45.5831945: 44.15 3 1933: 3 action(s) • 1933-06-16 statute: National Industrial Recovery Act — National economic planning on the model of the 1917 war mobilization • 1933-06-16 statute: National Industrial Recovery Act wage and hour codes — A more equitable distribution of national income — higher reward to labor, lower to speculative capital • 1933-06-16 statute: National Industrial Recovery Act — code hours — Spread employment by substantially reducing hours of labor, starting in government service 1 1937: 1 action(s) • 1937-05-24 message: Message on establishing minimum wages and maximum hours — Shorter hours, higher wages, end child labor and sweatshops 2 1938: 2 action(s) • 1938-06-25 statute: Fair Labor Standards Act of 1938 — Revive the NRA's principles 'by one device or another' (imputed; the President would not say) • 1938-06-25 statute: Fair Labor Standards Act of 1938 — Shorter hours, higher wages, end child labor and sweatshops
6 presidential action(s) in 3 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1933 36.4234.737.1638.74 +2.33
1937 38.7434.3137.6241.23 +2.48
1938 34.3137.6238.5643.03 +8.72

Unemployment rate (NBER series, 1929–1942) — percent · FRED (St. Louis Fed) · annual mean of published observations · NBER Macrohistory series M0892; monthly, averaged to annual. Use with unemployment-rate (BLS, 1948–).

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 1.412.423.4 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1929: 1.381930: 5.9041931: 14.1971932: 22.7231933: 23.3851934: 19.0631935: 17.5811936: 14.2381937: 12.1621938: 18.4191939: 16.3471940: 14.0241941: 6.0021942: 2.382 2 1932: 2 action(s) • 1932-10-15 statute: Federal Home Loan Bank Act — banks operating — The Federal Home Loan Bank system to stop home foreclosures and finance new homes • 1932-12-19 message: Special message on intergovernmental debts — The 1931 German moratorium and standstill agreements stemmed European collapse and will be built upon 26 1933: 26 action(s) • 1933-03-04 regulation: Continuation of the 1930 'public charge' consular instruction — Continue immigration restriction to protect labor, but end abuses against individual families in enforcement • 1933-03-10 message: Economy message: pledge to cover expenditures 'within a year' — Balance the federal budget annually within revenues • 1933-03-10 message: Message on economies in government — Cut the cost of the federal government by at least 25 percent • 1933-03-16 message: Message on the Agricultural Adjustment Act — Raise staple farm prices by a tariff-equivalent benefit plus voluntary production control, at no cost to the Treasury • 1933-03-16 message: Message to Congress on the Agricultural Adjustment Act — Restore purchasing power to the farming half of the nation • 1933-03-21 message: Message on unemployment relief — Federal leadership in distress relief — federal credit to states whose resources are exhausted • 1933-03-21 message: Message proposing the Civilian Conservation Corps — Employ a million men reforesting marginal and abandoned land • 1933-03-27 message: Message on consolidation of federal farm credit agencies — Government assistance to keep home-owners and farm-owners from foreclosure • 1933-03-31 statute: Emergency Conservation Work Act — Employ a million men reforesting marginal and abandoned land • 1933-04-10 message: TVA message: 'national planning for a complete river watershed' — National economic planning on the model of the 1917 war mobilization • 1933-04-10 message: Message suggesting the Tennessee Valley Authority — Public development of hydro-electric power on the St. Lawrence model, with national control of interstate transmission • 1933-05-07 message: Second fireside chat: 'a partnership in planning' — National economic planning on the model of the 1917 war mobilization … and 14 more8 1934: 8 action(s) • 1934-01-03 budget: FY1935 budget message with continuing deficit — Balance the federal budget annually within revenues • 1934-01-03 budget: Budget message FY1935: 'regular' versus 'emergency' expenditures — Cut the cost of the federal government by at least 25 percent • 1934-01-30 statute: Gold Reserve Act (devaluation to $35) — A sound currency preserved at all hazards • 1934-03-02 message: Message requesting authority regarding foreign trade — Revise the tariff downward through reciprocal trade agreements • 1934-04-13 statute: Johnson Act (Foreign Securities Act) — No cancellation of the war debts — make payment possible by restoring trade • 1934-05-22 message: Message on silver policy / Silver Purchase Act — A sound currency preserved at all hazards • 1934-06-12 statute: Reciprocal Trade Agreements Act — Revise the tariff downward through reciprocal trade agreements • 1934-06-27 statute: National Housing Act (FHA) — Slum clearance and modern housing for the urban poor as a "human necessity" among public works 16 1935: 16 action(s) • 1935-01-17 message: Message to Congress on social security — Old-age insurance under state laws • 1935-01-17 message: Message to Congress on social security — Unemployment insurance under state laws • 1935-04-08 statute: Emergency Relief Appropriation Act (WPA) — 'Employment for all surplus labor at all times' through self-liquidating public works (the Shearon letter, as Hoover read it) • 1935-04-08 statute: Emergency Relief Appropriation Act (WPA) — Public works spending is only a stopgap, not a cure for unemployment • 1935-04-08 statute: Emergency Relief Appropriation Act (WPA) — Expand self-sustaining public works and temporary federal work (forests, flood control, waterways), with advance planning • 1935-07-05 statute: National Labor Relations Act — An "economic declaration of rights" — the right to make a living and the right to safe savings • 1935-07-05 statute: National Labor Relations Act — A more equitable distribution of national income — higher reward to labor, lower to speculative capital • 1935-08-14 statute: Social Security Act — An "economic declaration of rights" — the right to make a living and the right to safe savings • 1935-08-14 statute: Social Security Act — "A new deal for the American people" — work and security through liberal, planned government action • 1935-08-14 statute: Social Security Act, Titles I and II — Old-age insurance under state laws • 1935-08-14 statute: Social Security Act — no health insurance title — Sickness insurance as a "minimum requirement" alongside old-age and unemployment insurance • 1935-08-14 statute: Social Security Act, Title III — Unemployment insurance under state laws … and 4 more2 1936: 2 action(s) • 1936-03-01 statute: Soil Conservation and Domestic Allotment Act — Raise staple farm prices by a tariff-equivalent benefit plus voluntary production control, at no cost to the Treasury • 1936-03-01 statute: Soil Conservation and Domestic Allotment Act (after Butler struck the AAA) — Restore purchasing power to the farming half of the nation 7 1937: 7 action(s) • 1937-02-10 message: Message on a program for the Great Plains — Continue drought and flood aid and a nation-wide flood-control and water-conservation policy • 1937-04-05 message: Message on making the CCC a permanent agency — Continue help for young people to obtain an education and a chance to use it • 1937-04-12 litigation: Wagner Act upheld in NLRB v. Jones & Laughlin Steel — Guard the worker's right to organize and bargain collectively • 1937-05-12 message: Message transmitting the water conservation and flood control report — Continue drought and flood aid and a nation-wide flood-control and water-conservation policy • 1937-05-24 message: Message on minimum wages and maximum hours — Revive the NRA's principles 'by one device or another' (imputed; the President would not say) • 1937-06-01 budget: Spending cuts of 1937 and the recession — Balance the federal budget annually within revenues • 1937-12-14 message: Letter recommending amendments to the Social Security Act — Build on the Social Security Act toward economic security for all 8 1938: 8 action(s) • 1938-04-14 message: Message on stimulating recovery (spending program) — Balance the budget within a year or two out of rising national income, without new taxes • 1938-06-10 message: Letter refusing a commission to revise the NLRA — Guard the worker's right to organize and bargain collectively • 1938-06-15 veto: Veto of the farm-loan interest-rate extension — Low interest rates, sounder home financing, better banking • 1938-06-21 statute: Emergency Relief Appropriation Act of 1938 — Provide useful work at prevailing wages for the needy unemployed rather than a dole • 1938-06-25 statute: Fair Labor Standards Act of 1938 — Shorter hours, higher wages, end child labor and sweatshops • 1938-06-28 statute: Flood Control Act of 1938 — Continue drought and flood aid and a nation-wide flood-control and water-conservation policy • 1938-12-13 executive_order: FHA insurance authorization raised to $3 billion — Extend the federal housing program toward adequate housing for those in slums; encourage private building • 1938-12-13 executive_order: FHA insurance authorization raised — Low interest rates, sounder home financing, better banking 6 1939: 6 action(s) • 1939-01-05 message: Message on the WPA — Provide useful work at prevailing wages for the needy unemployed rather than a dole • 1939-01-16 message: Transmittal of the Social Security Board report — Build on the Social Security Act toward economic security for all • 1939-04-03 statute: Reorganization Act of 1939 / Federal Security Agency — A long-range plan consolidating the federal government's scattered public-health and welfare agencies • 1939-07-01 other: National Youth Administration continued — Continue help for young people to obtain an education and a chance to use it • 1939-08-10 statute: Social Security Act Amendments of 1939 (financing changes) — Defense of the payroll-tax financing: the employer pays an equal share and the reserves are safe • 1939-08-10 statute: Social Security Act Amendments of 1939 — Build on the Social Security Act toward economic security for all
75 presidential action(s) in 8 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1932 22.7223.3919.0614.24 -8.48
1933 23.3919.0617.5812.16 -11.22
1934 19.0617.5814.2418.42 -0.64
1935 17.5814.2412.1616.35 -1.23
1936 14.2412.1618.4214.02 -0.21
1937 12.1618.4216.356 -6.16
1938 18.4216.3514.022.38 -16.04
1939 16.3514.026— —

Monetary gold stock — billions of dollars · FRED (St. Louis Fed) · annual last of published observations · NBER Macrohistory M1476B; December value. 1914–1946. Jumps in 1934 reflect the dollar's revaluation to $35/oz.

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 3.913.322.8 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1925: 4.111926: 4.191927: 4.131928: 3.861929: 4.041930: 4.31931: 4.161932: 4.141933: 4.041934: 8.191935: 10.071936: 11.221937: 12.761938: 14.421939: 17.521940: 21.891941: 22.761942: 22.741943: 22.021944: 20.661945: 20.05 5 1933: 5 action(s) • 1933-04-19 executive_order: Gold embargo and suspension of gold exports — Restore commodity prices toward their former dollar value rather than write down all debts • 1933-04-19 executive_order: Gold export embargo — A sound currency preserved at all hazards • 1933-05-07 message: Second fireside chat: price-raising objective — Restore commodity prices toward their former dollar value rather than write down all debts • 1933-05-07 message: Second fireside chat: 'gold ... perfectly good bases for currency' — A sound currency preserved at all hazards • 1933-07-03 message: Wireless to the London Conference (the 'bombshell') — Convene international monetary and economic conferences to stabilize currencies and restore trade 2 1934: 2 action(s) • 1934-01-30 statute: Gold Reserve Act (devaluation to $35) — A sound currency preserved at all hazards • 1934-05-22 message: Message on silver policy / Silver Purchase Act — A sound currency preserved at all hazards 1 1936: 1 action(s) • 1936-09-25 treaty: Tripartite Monetary Agreement — Convene international monetary and economic conferences to stabilize currencies and restore trade
8 presidential action(s) in 3 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1933 4.048.1910.0712.76 +8.72
1934 8.1910.0711.2214.42 +6.23
1936 11.2212.7614.4221.89 +10.67

Consumer price index (all urban consumers, 1982–84=100) — index · FRED (St. Louis Fed) · annual mean of published observations

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 12.715.318 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1925: 17.5421926: 17.71927: 17.3581928: 17.1581929: 17.1581930: 16.71931: 15.2081932: 13.6421933: 12.9331934: 13.3831935: 13.7251936: 13.8671937: 14.3831938: 14.0921939: 13.9081940: 14.0081941: 14.7251942: 16.3331943: 17.3081944: 17.5921945: 17.992 6 1933: 6 action(s) • 1933-04-19 executive_order: Gold embargo and suspension of gold exports — Restore commodity prices toward their former dollar value rather than write down all debts • 1933-04-19 executive_order: Gold export embargo — A sound currency preserved at all hazards • 1933-05-07 message: Second fireside chat: price-raising objective — Restore commodity prices toward their former dollar value rather than write down all debts • 1933-05-07 message: Second fireside chat: 'gold ... perfectly good bases for currency' — A sound currency preserved at all hazards • 1933-05-12 statute: Thomas Amendment (Title III, Agricultural Adjustment Act) — Restore commodity prices toward their former dollar value rather than write down all debts • 1933-07-03 message: Wireless to the London Conference (the 'bombshell') — Convene international monetary and economic conferences to stabilize currencies and restore trade 2 1934: 2 action(s) • 1934-01-30 statute: Gold Reserve Act (devaluation to $35) — A sound currency preserved at all hazards • 1934-05-22 message: Message on silver policy / Silver Purchase Act — A sound currency preserved at all hazards 1 1936: 1 action(s) • 1936-09-25 treaty: Tripartite Monetary Agreement — Convene international monetary and economic conferences to stabilize currencies and restore trade
9 presidential action(s) in 3 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1933 12.9313.3813.7214.38 +1.45
1934 13.3813.7213.8714.09 +0.71
1936 13.8714.3814.0914.01 +0.14

Producer (wholesale) price index, all commodities (1982=100) — index · FRED (St. Louis Fed) · annual mean of published observations · BLS; monthly, averaged to annual. 1913–. The 1930s 'wholesale price' target of reflation policy.

National ProhibitionThe Great DepressionStock market crashDust BowlSmoot–Hawley Tariff ActBanking panics of 1930–1933European war-debt crisisJapanese invasion of ManchuriaBonus Army march and evictionTownsend old-age pension movementShare Our Wealth movement and Huey Long's assassinationThe "Second New Deal" (1935)Schechter decision voids the NIRAItalian invasion of EthiopiaButler decision voids the AAADrought of 1936Spanish Civil WarSit-down strikes (GM Flint and after)The court-reorganization ("court-packing") fightRecession of 1937–381938 midterm elections and the failed "purge"World War II (US participation) 1932 election1936 election 1114.618.2 192519261927192819291930193119321933193419351936193719381939194019411942194319441945 1925: 17.7921926: 17.251927: 16.4421928: 16.6751929: 16.4251930: 14.8671931: 12.5671932: 11.1921933: 11.3751934: 12.9421935: 13.8081936: 13.9171937: 14.8921938: 13.551939: 13.2921940: 13.5421941: 15.0421942: 17.0171943: 17.7831944: 17.9081945: 18.225 9 1933: 9 action(s) • 1933-04-19 executive_order: Gold embargo and suspension of gold exports — Restore commodity prices toward their former dollar value rather than write down all debts • 1933-04-19 executive_order: Gold export embargo — A sound currency preserved at all hazards • 1933-05-07 message: Second fireside chat: price-raising objective — Restore commodity prices toward their former dollar value rather than write down all debts • 1933-05-07 message: Second fireside chat: 'gold ... perfectly good bases for currency' — A sound currency preserved at all hazards • 1933-05-12 statute: Thomas Amendment (Title III, Agricultural Adjustment Act) — Restore commodity prices toward their former dollar value rather than write down all debts • 1933-05-12 statute: Agricultural Adjustment Act — Restore purchasing power to the farming half of the nation • 1933-06-16 statute: National Industrial Recovery Act — antitrust exemption — Strengthen and impartially enforce the antitrust laws • 1933-06-16 statute: National Industrial Recovery Act — Industry leaders to organize cooperatively for the common good; government regulates only as a last resort • 1933-07-03 message: Wireless to the London Conference (the 'bombshell') — Convene international monetary and economic conferences to stabilize currencies and restore trade 2 1934: 2 action(s) • 1934-01-30 statute: Gold Reserve Act (devaluation to $35) — A sound currency preserved at all hazards • 1934-05-22 message: Message on silver policy / Silver Purchase Act — A sound currency preserved at all hazards 1 1936: 1 action(s) • 1936-09-25 treaty: Tripartite Monetary Agreement — Convene international monetary and economic conferences to stabilize currencies and restore trade
12 presidential action(s) in 3 year(s) on this series — before/after
YearActionsAt year+1+2+4Δ 4y
1933 11.3812.9413.8114.89 +3.52
1934 12.9413.8113.9213.55 +0.61
1936 13.9214.8913.5513.54 -0.38