Timeline on Major Economic Events By: Eun-Won Park Per: 6/7

1929- The Great Depression The Great Depression of was the most severe economic crisis of modern times.The Great Depression of was the most severe economic crisis of modern times. When The Great Depression happened, millions of people lost their jobs, and many farmers and businesses were bankrupted.When The Great Depression happened, millions of people lost their jobs, and many farmers and businesses were bankrupted.

1932- Banks have closed 10,000 banks have failed since 1929, or 40 percent of the 1929 total.10,000 banks have failed since 1929, or 40 percent of the 1929 total. This event connects to The Great Desperation.This event connects to The Great Desperation. This is a great amount of failed banks.This is a great amount of failed banks.

1938- Fair Labor Standards Act Fair Labor Standards Act is passed, setting the first minimum wage in the U.S. at 25 cents per hour.Fair Labor Standards Act is passed, setting the first minimum wage in the U.S. at 25 cents per hour. This is a major economic event that states the first minimum wage.This is a major economic event that states the first minimum wage.

1947- The Portal-to-Portal Act The Portal-to-Portal Act of 1947 was enacted as an amendment to the FLSA and was designed to give employees relief and to clarify the law with respect to travel and other activities before and after the work day.The Portal-to-Portal Act of 1947 was enacted as an amendment to the FLSA and was designed to give employees relief and to clarify the law with respect to travel and other activities before and after the work day. The Act provides that minimum wages and overtime are not required for "activities which are preliminary to or postliminary to said principal activity or activities," unless there is a custom or contract to the contrary.The Act provides that minimum wages and overtime are not required for "activities which are preliminary to or postliminary to said principal activity or activities," unless there is a custom or contract to the contrary. This Act has to do with the minimum wages that people are working.This Act has to do with the minimum wages that people are working.

Vietnam War Prolonged conflict between Communist forces of North Vietnam, backed by China and the USSR, and non- Communist forces of South Vietnam, backed by the United States.Prolonged conflict between Communist forces of North Vietnam, backed by China and the USSR, and non- Communist forces of South Vietnam, backed by the United States. President Truman authorizes $15 million in economic and military aid to the French, who are fighting to retain control of French Indochina, including Vietnam. President Truman authorizes $15 million in economic and military aid to the French, who are fighting to retain control of French Indochina, including Vietnam.

1959- Hawaii becomes the 50 th State Hawaii became an official state in the union of the United States on August 21st, 1951.Hawaii became an official state in the union of the United States on August 21st, Hawaii Became the Fifth State to Adopt New Income Tax Brackets on High-EarnersHawaii Became the Fifth State to Adopt New Income Tax Brackets on High-Earners

1963- The Equal Pay Act Throughout history women have been paid less than men even when employed in identical jobs.Throughout history women have been paid less than men even when employed in identical jobs. This act changed how the payments were. Now for the payments your gender doesn’t matter.This act changed how the payments were. Now for the payments your gender doesn’t matter.

1979- Panama Canal Act In this act America had given Panama Canal to Panama.In this act America had given Panama Canal to Panama. Due to this act Panama will assume responsibility for operating the canal.Due to this act Panama will assume responsibility for operating the canal.

1986- Space Shuttle Challenger The Space Shuttle Challenger disaster occurred on January 28, 1986, when the Space Shuttle Challenger broke apart 73 seconds into its flight, leading to the deaths of its seven crew members.The Space Shuttle Challenger disaster occurred on January 28, 1986, when the Space Shuttle Challenger broke apart 73 seconds into its flight, leading to the deaths of its seven crew members. America used a lot of money for the Space Shuttle Challenge.America used a lot of money for the Space Shuttle Challenge.

1996- Small Business Job Protection Act The Small Business Job Protection Act contains a number of provisions impacting various aspects of small business operations, from retirement plans to changes in S Corporation structures.The Small Business Job Protection Act contains a number of provisions impacting various aspects of small business operations, from retirement plans to changes in S Corporation structures. This act helps the economy running because it helps small businesses.This act helps the economy running because it helps small businesses.

1997- Bomb explodes Bomb explodes in basement garage of World Trade Center, killing 6, injuring 1,000. Bomb explodes in basement garage of World Trade Center, killing 6, injuring 1,000. When this happened, it caused more then $500 million in damage.When this happened, it caused more then $500 million in damage.

1998- President Clinton President Clinton releases 1999 federal budget planPresident Clinton releases 1999 federal budget plan This is the first balanced budget since 1969 This is the first balanced budget since 1969

2000- Worker Economic Opportunity Act Worker Economic Opportunity Act Permits Employers to Exclude from Regular Rate of Pay Value and Income from Employee Stock Options Pursuant to Certain Plans.Worker Economic Opportunity Act Permits Employers to Exclude from Regular Rate of Pay Value and Income from Employee Stock Options Pursuant to Certain Plans. This act Employment Law Alert that effects the economy.This act Employment Law Alert that effects the economy.

George Bush’s Long Term Economic plan The economic policy of George W. Bush administration was characterized by a combination of tax cuts, expenditures for fighting two wars, and a free-market ideology intended to de- emphasize the role of government in the private sector.The economic policy of George W. Bush administration was characterized by a combination of tax cuts, expenditures for fighting two wars, and a free-market ideology intended to de- emphasize the role of government in the private sector. The U.S. national debt grew significantly from 2001 to 2008The U.S. national debt grew significantly from 2001 to 2008

2008- Barack Obama Barack Obama’s economic plan will inject $75 billion of stimulus into the economy by getting money in the form of tax cuts and direct spending directly to the people who need it most.Barack Obama’s economic plan will inject $75 billion of stimulus into the economy by getting money in the form of tax cuts and direct spending directly to the people who need it most. For most Americans, this is a time of great economic anxiety.For most Americans, this is a time of great economic anxiety.