When Warren G. Harding came into office in 1921, the nation was in a depression with an unemployment rate of about 20%. This led him to sign the Emergency Tariff of 1921 to ease the growing unrest amongst farmers at the time. In 1922, Harding also signed the Fordney-McCumber Tariff in order to protect the interests of farms and factories.
There was a mild recession in 1923 that subsided in 1924 and then the economy rapidly expanded.
REASONS FOR ECONOMIC BOOM
- European industries were left in shambles from WWI. This left the United States as the most stable economy.
- Technology!
- Assembly line (auto industry was the largest industry at the time)
- Rubber, glass, and steel
- Radio- by the end of the 1920s almost every household had a radio. The radio became the first mass broadcasting medium.
- Commercial aviation was used to deliver mail
- Telephones- 1 for every 6 people
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