Election of 1932
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The election of 1932 was an election of great significance to the United States.In 1929 the United States was faced with something so dramatic that it has not been repeated since, the great stock market crash.The extraordinary crash sent the country crashing into a depression that could not be fathomed by any economist of the time. With the troubles that the country was going through at the time, it appeared the candidate for president would be easily picked, anyone but Herbert Hoover.Hoover had the unfortunate duty of being in office when the depression began.He had no control over it, and it is proven he was not the cause of it, but he was still the scapegoat for the country.Along with Hoover, the Republican Party could also be easily blamed for the economic crisis because they held the majority in congress. However, the democratic party did not make it easy on themselves, showing hesitation of the candidates they chose with
Election of 1932 and the Economy
The time period leading up to the 1932 election is extremely important to the election itself. During the 1920's the United States economy was characterized by several ups and downs. During World War I federal spending grew three times larger than tax collections. As a result government sent the country into a recession by an attempt to balance that budget in 1920. The recession did not damage the economy too severely due to the fact that the war economy was heavily invested in the manufacturing sector. The banking industry in the 1920's did not benefit from the war like the manufacturing industry.Thus an average of 600 banks failed each year over the span of the decade.Along with the cuts felt by the banking industry the following industries also felt a decline in the twenties:
Further economic declines were shown in farmland prices and organized labor.