The economic boom of the 1920s

When was the brief post-war economic recession?

1920 to 1922

When did Warren Harding take over as President?

1921

When did Andrew Mellon become Treasury Secretary?

1921

When was the Federal Highway Act passed?

1921

When did the Fordney-McCumber Tariff come into force?

1922

When did Harding die and was replaced by his VP, Calvin Coolidge?

1923

When did the boom in the US economy begin?

1923

Between what years did real wages rise?

1923 to 1929

What was the peak year for manufacture of Ford’s Model T?

1924

When did the McNary-Haugen bill, intended to aid farmers, first fail?

1924

When did the Mellon Revenue Act begin to cut taxes further?

1926

When did the McNary-Haugen bill, intended to aid farmers, fail for the second time due to Coolidge’s veto?

1927

By 1928, there are how many cars in the roads?

23 million cars

By 1929, how many million cars have been produced?

26 million cars

Who dominated the U.S. motor-vehicle industry in the 1920s?

The “Big Three” – Ford, Chrysler, and General Motors.

What was the name of Ford’s mass production method?

“Taylorism” – an assembly line approach that increased efficiency.

How frequently could Ford produce a Model T car by 1925?

Every 10 minutes.

How much did the Model T cost by 1925?

$290 from $335.

By 1929, what percentage of the U.S. workforce was employed in the motor industry or related sectors?

7%.

How much did Ford pay his workers per day?

$5

How many motor vehicle companies existed in 1920 vs. by the end of the 1920s?

108 in 1920; only 44 by the end of the 1920s.

When did the motor industry begin to decline and why?

From 1926–1927, due to lower consumption and problems in related sectors like construction.

How many electrical items were sold in 1912 vs. 1929?

24 million in 1912; 160 million in 1929.

How much was spent on advertising by the end of the 1920s?

$3 billion annually – five times more than in 1920.

When was Birdseye’s freezing process patented and how many refrigerators were in use by 1928?

Patented in 1925; only 20,000 refrigerators in use by 1928.

By 1929, how much were Americans spending on credit purchases?

Nearly $7 billion.

What percentage of cars, radios, and furniture were bought on credit by 1929?

75% of cars, 75% of radios, and 60% of furniture.

What was the per capita income in the North East vs. the South East by the late 1920s?

$921 in the North East; $365 in the South East.

How much did the top rate of federal tax fall between 1920 and 1928?

From 65% in 1920 to 25% in 1928.

By 1929, what percentage of Americans were living close to subsistence level?

80%, even while employed.

What proportion of small businesses failed during the 1920s?

3 in 4.

How many banks were operating in the U.S. in 1929?

25,000 banks.

Under how many regulatory regimes were these banks operating?

53 different regulatory regimes.

What key risk did the lack of federal deposit insurance pose?

Depositors could lose their savings if banks failed.

By 1930, how many female dentists and accountants were there in the USA?

Only 150 female dentists and fewer than 100 female accountants.

What 1921 Act offered healthcare support to women and children?

The Sheppard-Towner Act of 1921.

What percentage of the U.S. population were African-Americans in the 1920s?

10%.

What percentage of African-Americans still lived in the South during the 1920s?

85%.

What city exemplifies the struggles of African-Americans in the North?

Pittsburgh.

What proportion of the U.S. population were farmers in 1920?

Nearly one-third.

What major issues did farmers face in the 1920s?

Collapse in cotton prices, 30% crop devastation from boll weevils, overproduction, and falling prices.

What percentage of farms operated at a loss by the late 1920s?

66%.

What price did a bushel of crops fall to by the late 1920s?

$1 per bushel (down from $2.50).

What historic development occurred among U.S. farmers in the 1920s?

For the first time in American history, the farm population began to shrink.