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Public Works Administration (PWA), in U.S. history, New Deal government agency (1933–39) designed to reduce unemployment and increase purchasing power through the construction of highways and public buildings.
Created by President Franklin Roosevelt to relieve the economic hardship of the Great Depression, this national works program (renamed the Work Projects Administration beginning in 1939) employed more than 8.5 million people on 1.4 million public projects before it was disbanded in 1943.
The Works Progress Administration (WPA; renamed in 1939 as the Work Projects Administration) was an American New Deal agency, employing millions of job-seekers (mostly unskilled men) to carry out public works projects, including the construction of public buildings and roads.
Several New Deal programs remain active and those operating under the original names include the Federal Deposit Insurance Corporation (FDIC), the Federal Crop Insurance Corporation (FCIC), the Federal Housing Administration (FHA) and the Tennessee Valley Authority (TVA).
The New Deal was responsible for some powerful and important accomplishments. It put people back to work. It saved capitalism. It restored faith in the American economic system, while at the same time it revived a sense of hope in the American people.
Silber. After a month-long run on American banks, Franklin Delano Roosevelt proclaimed a Bank Holiday, beginning March 6, 1933, that shut down the banking system. When the banks reopened on March 13, depositors stood in line to return their hoarded cash.
U.S. GDP by Year Since 1929 Compared to Major Events
Year | Nominal GDP (trillions) | Events Affecting GDP |
---|---|---|
1929 | $0.105 | Depression began |
1930 | $0.092 | Smoot-Hawley |
1931 | $0.077 | Dust Bowl |
1932 | $0.060 | Hoover tax hikes |
25.6%
In the United States, unemployment rose to 25 percent at its highest level during the Great Depression. Literally, a quarter of the country’s workforce was out of work. This number translated to 15 million unemployed Americans. There was no unemployment insurance to provide benefits to people who were without work.
The first question is why was there such high unemployment in 1933. The answer is that the economy was not producing (because it could not sell) as much output as it was capable of producing.
Although the decrease in the number of unemployed people was relatively small by historical standards, the jobless rate fell to its lowest level since 1969, when it was 3.4 percent. In 2019, the unemployment rates declined to 3.5 percent for both men and women.
U3 is the official unemployment rate. U5 includes discouraged workers and all other marginally attached workers. U6 adds on those workers who are part-time purely for economic reasons. The current U6 unemployment rate as of February 2021 is 11.10.
Bismarck
Here are the 10 countries with the highest rates of unemployment:
NORTH DAKOTA