Editing History of the United States (section)

===Great Depression and the New Deal===
{{Main|New Deal|Presidency of Herbert Hoover|Presidency of Franklin D. Roosevelt}}
[[File:Money supply during the great depression era.png|thumb|A depiction of the sharp decrease of the money supply between [[Black Tuesday]] and the [[Emergency Banking Act of 1933|Bank Holiday]] when massive [[bank run]]s commences across the United States in March 1933]]
The [[Great Depression in the United States|Great Depression]] (1929–1939) and the [[New Deal]] (1933–1936) were decisive moments in American political, economic, and social history.{{Sfn|Kennedy, Freedom from Fear}} A [[financial bubble]] was fueled by an inflated stock market, which led to the [[Wall Street crash]] on October 29, 1929.<ref>{{Harvard citation no brackets|Shlaes|2008|pp=85, 90}}</ref> This, along with [[Causes of the Great Depression|other economic factors]], triggered a worldwide [[economic depression|depression]]. The United States experienced [[deflation]] as prices fell, unemployment soared from 3% in 1929 to 25% in 1933, farm prices fell by half, and manufacturing output plunged by one-third.

The New Deal enacted by President Franklin D. Roosevelt was a series of permanent reform programs including [[Social Security (United States)|Social Security]], [[Social Security Act|unemployment relief and insurance]], [[National Housing Act of 1934|public housing]], [[1933 Banking Act|bankruptcy insurance]], [[Agricultural Adjustment Act|farm subsidies]], and [[Securities Act of 1933|regulation of financial securities]].<ref name=":12">{{Cite journal |last=Kennedy |first=David M. |author-link=David M. Kennedy (historian) |date=Summer 2009 |title=What the New Deal Did |journal=Political Science Quarterly |volume=124 |issue=2 |pages=251–268 |doi=10.1002/j.1538-165X.2009.tb00648.x}}</ref> It also provided unemployment relief through the [[Works Progress Administration]] (WPA) and for young men, the [[Civilian Conservation Corps]]. Large-scale spending projects designed to rebuild infrastructure were under the purview of the [[Public Works Administration]].<ref name=":12" />

State governments introduced the sales tax to pay for new programs. Ideologically, the New Deal established [[modern liberalism in the United States]].<ref name=":12" /> The [[New Deal coalition]] won re-election for Roosevelt in [[1936 United States presidential election|1936]], [[1940 United States presidential election|1940]], and [[1944]].<ref name=":12" /> The [[Second New Deal]] in 1935 and 1936 brought the economy further left, building up labor unions through the [[Wagner Act]]. Roosevelt weakened his second term by a failed effort to pack the Supreme Court, which had been a center of conservative resistance to his programs.<ref name=":12" /> The economy essentially recovered by 1936, but long-term unemployment remained a problem until it was solved by wartime spending. Most of the relief programs were dropped in the 1940s, when the conservatives regained power in Congress through the [[Conservative coalition]].<ref name=":12" />