Australia And The Great Depression Essays

Australia And The Great Depression Essays-63
Later on came the creation of the Social Security System, unemployment insurance and more agencies and programs designed to help Americans during times of economic hardship. Despite all the President's efforts and the courage of the American people, the Depression hung on until 1941, when America's involvement in the Second World War resulted in the drafting of young men into military service, and the creation of millions of jobs in defense and war industries.Under President Roosevelt the federal government took on many new responsibilities for the welfare of the people. This new relationship included the creation of several new federal agencies, called 'alphabet agencies' because of their use of acronyms.

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The new relationship forged in the New Deal was one of closeness between the government and the people: a closeness which had never existed to such a degree before.

Although Roosevelt and the New Deal were criticized by many both in and out of government, and seriously challenged by the U. Supreme Court, they received the overwhelming support of the people.

The outcome of the meeting, finalised on 10 June, was to lower government expenditure, reduce pensions, reduce interest payable on government bonds and rein in government debt.

In short, this agreement – later known as the Premiers’ Plan – enacted a rapid and determined cut to government spending.

'' (named after President Hoover, as an insult), shanty towns constructed of packing crates, abandoned cars and other cast off scraps sprung up across the Nation.

Gangs of youths, whose families could no longer support them, rode the rails in box cars like so many hoboes, hoping to find a job.At the height of the Depression in 1933, nearly 25% of the Nation's total work force, 12,830,000 people, were unemployed.Wage income for workers who were lucky enough to have kept their jobs fell almost 43% between 19.These problems contributed to the crisis that began the Great Depression.America's "Great Depression" began with the dramatic crash of the stock market on "Black Thursday", October 24, 1929 when 16 million shares of stock were quickly sold by panicking investors who had lost faith in the American economy.The deflationary policies of the Premiers’ Plan were to have a profound effect on his life and on the lives of many thousands of Australians like him.There was a palpable sense of crisis throughout Australian society.It was late autumn in 1931 when the Australian state premiers, together with the Labor prime minister, Joseph Scullin, assembled at the Victorian houses of parliament in Melbourne.The Wall Street Crash had happened in 1929 and the effects of the subsequent economic collapse were reverberating around the world.It was the worst economic disaster in American history.Farm prices fell so drastically that many farmers lost their homes and land. Faced with this disaster, families split up or migrated from their homes in search of work.

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