Economic contraction ended by 1933, and had already started to dramatically reduce the downfall in 1932 (the year of the election, before FDR took office). By 1935 economic output had reached the level of 1929 again.
There was a second, smaller recession in '37/38 when government spending was contracted to quickly in an effort to eliminate budget deficits.
One of the major economic impacts of WWII on the U.S. was a period of nearly forced savings -- not many consumer goods to buy, gas ration stamps, sugar stamps, rubber rationing, etc combined with war bond drives. The combination of savings and demand for goods from having forgone broad consumer spending for so long is what in turn fueld the economic expansion of the 50s and 60s.
We're now experiencing the hangover from a period of prolonged government policies that encouraged easy credit instead of frugal savings to achieve goals.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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