Final answer:
The Great Depression was a period of severe economic downturn in the 1930s caused by a combination of factors. It had devastating effects on US citizens, leading to high unemployment and widespread poverty. President Roosevelt's administration implemented the New Deal to address the Great Depression, which expanded the role of the federal government and introduced various relief, recovery, and reform programs.
Step-by-step explanation:
The Great Depression was a period of severe economic downturn that occurred in the 1930s. It was caused by a combination of factors, including the stock market crash of 1929, overproduction, and unequal distribution of wealth. These events led to a decrease in consumer spending, massive unemployment, and a decline in the overall economy.
The effects of the Great Depression on US citizens were devastating. Millions of people lost their jobs, homes, and savings. Poverty and homelessness became widespread, and there was a significant increase in the number of people relying on government assistance programs such as soup kitchens and breadlines.
President Roosevelt's administration took several measures to address the Great Depression. His policies, known as the New Deal, aimed to provide relief, recovery, and reform. Some of the programs implemented included the creation of the Federal Deposit Insurance Corporation (FDIC) to protect bank deposits, the establishment of the Securities and Exchange Commission (SEC) to regulate the stock market, and the introduction of social welfare programs like the Works Progress Administration (WPA) and the Social Security Act.
The effectiveness of the programs put in place by President Roosevelt's administration is a topic of debate among historians and economists. While the New Deal did provide immediate relief to many Americans and helped stabilize the economy to some extent, it did not completely end the Great Depression. It wasn't until the country's entry into World War II that the economy experienced a full recovery.
Roosevelt's presidency marked a significant shift in the role of the federal government. Prior to the Great Depression, the government had a limited role in the economy and minimal oversight in the banking and financial sector. However, the New Deal expanded the power of the federal government and increased its involvement in everyday economic affairs. This marked a departure from the laissez-faire view that dominated the early 20th century.