Recession Of 1937-1938


Recession Of 1937-1938
   Known as the “Roosevelt Recession,” the downturn in the economy of almost 30 percent between September 1937 and June 1938 was a major setback for the New Deal. It was prompted in part by cuts in federal spending and the impact of the new Social Security taxes. Although the economy improved from mid-1938 onward, full recovery did not come until government spending increased with defense preparations from 1940 forward.

Historical Dictionary of the Roosevelt–Truman Era . . 2015.

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