“The Heart of Recovery”, The Wall Street Journal, Page 4, October 28, 1938
On October 28, 1938, The Wall Street Journal published this newspaper article, titled “The Heart of Recovery,” which explains the progress the economy has made since the start of the Great Depression. The article describes how the economy has taken small steps in rebounding from the Depression. The article also shows how the economy has gained momentum due to an increase in the workforce. The intended audience was the American people, and the aim was to show that the economy under Roosevelt’s policies, such as The Works Progress Administration, was just one of many relief programs created in helping the economy rebound from the Depression. The WPA and the Public Works Administration (PWA) and other federal assistance programs, placed unemployed Americans in working positions. Out of the 10 million jobless men in the U.S in 1936, three and a half million were helped by the WPA alone [1]. This source reveals to the American public that Roosevelt’s programs were providing employment and relief to those struggling during the Depression.
Franklin D. Roosevelt to Congress “Draft of Message to Congress requesting a Declaration of War against Japan”, Written Speech, December 8, 1941
On December 8th, 1941, Franklin D. Roosevelt stood in front of Congress and requested that the U.S go to war against Japan after the deliberate attack on Pearl Harbor. Roosevelt stated in his speech that the U.S had been a target for Japan and that the occurrence of the bombing was planned weeks ahead of time. Roosevelt also stated that severe damage had been caused in the American Island of Oahu and many American lives have been lost. This source marks the beginning of World War Two, and how the surprise attack of the Japanese will be met with war in the future. In preparing for war, the U.S must supply its military with the necessary equipment to be successful. After Congress had declared war on Japan after Roosevelt’s speech, a new economy was evolving. This source marked the beginning of a War-time economy. This new economy prioritizes the production of goods and services that supply and support war efforts while also seeking to strengthen the economy entirely[2]. With a War-time economy, demand for military equipment skyrocket, which led to the employment of thousands of American citizens. With more Americans working, this bolstered the economy and completely turned around struggling businesses.
“Whats News – Business and Finance World-Wide”, The Wall Street Journal, Page 1, December 9, 1941
On December 9, 1941, The Wall Street Journal published this newspaper article, titled “What’s News – Business and Finance World-Wide,” which showed the market and economy becoming prosperous. The article identifies the stock market, reaching a new high and a rapid increase in auto, shipbuilding, steel, and raw materials, which led to a robust economy. The intended audience was the American people as the aim of the article was to show American citizens that a War-time economy was starting to begin. During the start of the war, production, job openings, labor, and wage all rose due to the needed demand for military supplies. The job for the Federal Reserve became much more comfortable after the start of the war. The Federal Reserves’ job is to promote maximum employment, maintain a steady interest rate, and supervise banking operations[3]. The start of the war increased job opportunities, which then correlates to more American citizens incurring wealth. Also, the interest rate that the Federal Reserve had was very low, nearly under one percent. A low-interest rate, in other words, means citizens can borrow money and pay it back at a very low rate. American citizens could confidently borrow money from the bank and not have to worry about banks failing because of the strong economy. This source reveals the economic transformations the economy was undergoing, which ultimately led to dovish Monetary and Fiscal policies by the Federal Reserve.
Notes
- “FDR creates the works Progress Administration (WPA),” HISTORY, last modified July 28, 2019,https://www.history.com/this-day-in-history/fdr-creates-the-wpa.
- “America’s Economic Breakthrough During World War Two,” The American Prospect, last modified December 19, 2001, https://prospect.org/health/way-won-america-s-economic-breakthrough-world-war-ii/.
- “Purposes & Functions” Board of Governors of the Federal Reserve System, last modified November 20, 2019, https://www.federalreserve.gov/aboutthefed/pf.htm.