Timeline on Timeline on Major Economic Major Economic

EventsEvents

By: Eun-Won ParkBy: Eun-Won Park

Per: 6/7Per: 6/7

1929- The Great 1929- The Great DepressionDepression

• The Great Depression of The Great Depression of 1929-33 was the most 1929-33 was the most severe economic crisis of severe economic crisis of modern times. modern times.

• When The Great When The Great Depression happened, Depression happened, millions of people lost millions of people lost their jobs, and many their jobs, and many farmers and businesses farmers and businesses were bankrupted.were bankrupted.

1932- Banks have closed1932- Banks have closed

• 10,000 banks have 10,000 banks have failed since 1929, failed since 1929, or 40 percent of or 40 percent of the 1929 total. the 1929 total.

• This event This event connects to The connects to The Great Desperation. Great Desperation.

• This is a great This is a great amount of failed amount of failed banks. banks.

1938- Fair Labor 1938- Fair Labor Standards Act Standards Act

• Fair Labor Fair Labor Standards Act is Standards Act is passed, setting the passed, setting the first minimum first minimum wage in the U.S. at wage in the U.S. at 25 cents per hour25 cents per hour..

• This is a major This is a major economic event that economic event that states the first states the first minimum wage. minimum wage.

1947- The Portal-to-1947- The Portal-to-Portal ActPortal Act

• The Portal-to-Portal Act of The Portal-to-Portal Act of 1947 was enacted as an 1947 was enacted as an amendment to the FLSA and amendment to the FLSA and was designed to give was designed to give employees relief and to clarify employees relief and to clarify the law with respect to travel the law with respect to travel and other activities before and other activities before and after the work day. and after the work day.

• The Act provides that The Act provides that minimum wages and overtime minimum wages and overtime are not required for "activities are not required for "activities which are preliminary to or which are preliminary to or postliminary to said principal postliminary to said principal activity or activities," unless activity or activities," unless there is a custom or contract there is a custom or contract to the contrary. to the contrary.

• This Act has to do with the This Act has to do with the minimum wages that people minimum wages that people are working.are working.

1950-1953 Vietnam War 1950-1953 Vietnam War

• Prolonged conflict Prolonged conflict between Communist between Communist forces of North Vietnam, forces of North Vietnam, backed by China and the backed by China and the USSR, and non-USSR, and non-Communist forces of Communist forces of South Vietnam, backed South Vietnam, backed by the United States. by the United States.

•   President Truman President Truman authorizes $15 million in authorizes $15 million in economic and military aid economic and military aid to the French, who are to the French, who are fighting to retain control fighting to retain control of French Indochina, of French Indochina, including Vietnam.including Vietnam.

1959- Hawaii becomes the 1959- Hawaii becomes the 5050thth State State

• Hawaii became an Hawaii became an official state in the official state in the union of the United union of the United States on August States on August 21st, 1951.21st, 1951.

• Hawaii Became the Hawaii Became the Fifth State to Adopt Fifth State to Adopt New Income Tax New Income Tax Brackets on High-Brackets on High-Earners Earners

1963- The Equal Pay Act1963- The Equal Pay Act

• Throughout history Throughout history women have been women have been paid less than men paid less than men even when employed even when employed in identical jobs. in identical jobs.

• This act changed This act changed how the payments how the payments were. Now for the were. Now for the payments your payments your gender doesn’t gender doesn’t matter.matter.

1979- Panama Canal Act1979- Panama Canal Act

• In this act America In this act America had given Panama had given Panama Canal to Panama.Canal to Panama.

• Due to this Due to this act Panama will act Panama will assume assume responsibility for responsibility for operating the operating the canal.canal.

1986- Space Shuttle 1986- Space Shuttle Challenger Challenger

• The Space Shuttle The Space Shuttle Challenger disaster Challenger disaster occurred on January 28, occurred on January 28, 1986, when the Space 1986, when the Space Shuttle Challenger Shuttle Challenger broke apart 73 seconds broke apart 73 seconds into its flight, leading to into its flight, leading to the deaths of its seven the deaths of its seven crew members.crew members.

• America used a lot of America used a lot of money for the Space money for the Space Shuttle Challenge.Shuttle Challenge.

1996- Small Business Job 1996- Small Business Job Protection ActProtection Act

• The Small Business Job The Small Business Job Protection Act contains Protection Act contains a number of provisions a number of provisions impacting various impacting various aspects of small aspects of small business operations, business operations, from retirement plans to from retirement plans to changes in S changes in S Corporation structures. Corporation structures.

• This act helps the This act helps the economy running economy running because it helps small because it helps small businesses.businesses.

1997- Bomb explodes 1997- Bomb explodes

•   Bomb explodes in Bomb explodes in basement garage of basement garage of World Trade World Trade Center, killing 6, Center, killing 6, injuring 1,000.injuring 1,000.

• When this When this happened, it caused happened, it caused more then $500 more then $500 million in damage.million in damage.

1998- President Clinton1998- President Clinton

• President Clinton President Clinton releases 1999 releases 1999 federal budget federal budget plan plan

•   This is the first This is the first balanced budget balanced budget since 1969  since 1969 

2000- Worker Economic 2000- Worker Economic Opportunity ActOpportunity Act

• Worker Economic Worker Economic Opportunity Act Opportunity Act Permits Employers Permits Employers to Exclude from to Exclude from Regular Rate of Pay Regular Rate of Pay Value and Income Value and Income from Employee Stock from Employee Stock Options Pursuant to Options Pursuant to Certain Plans.Certain Plans.

• This act Employment This act Employment Law Alert that Law Alert that effects the economy. effects the economy.

2001-2008 George Bush’s 2001-2008 George Bush’s Long Term Economic planLong Term Economic plan

• The economic policy The economic policy of George W. Bush of George W. Bush administration was administration was characterized by a characterized by a combination of tax combination of tax cuts, expenditures cuts, expenditures for fighting two wars, for fighting two wars, and a free-market and a free-market ideology intended to ideology intended to de-emphasize the de-emphasize the role of government in role of government in the private sector. the private sector.

• The U.S. national The U.S. national debt  grew debt  grew significantly from significantly from 2001 to 2008 2001 to 2008

2008- Barack Obama 2008- Barack Obama • Barack Obama’s Barack Obama’s

economic plan will economic plan will inject $75 billion of inject $75 billion of stimulus into the stimulus into the economy by getting economy by getting money in the form of money in the form of tax cuts and direct tax cuts and direct spending directly to spending directly to the people who need the people who need it most.it most.

• For most Americans, For most Americans, this is a time of great this is a time of great economic anxiety.economic anxiety.