Economic contraction ended by 1933, and had already started to dramatically reduce the downfall in 1932 (the year of the election, before FDR took office). By 1935 economic output had reached the level of 1929 again.
There was a second, smaller recession in '37/38 when government spending was contracted to quickly in an effort to eliminate budget deficits.
One of the major economic impacts of WWII on the U.S. was a period of nearly forced savings -- not many consumer goods to buy, gas ration stamps, sugar stamps, rubber rationing, etc combined with war bond drives. The combination of savings and demand for goods from having forgone broad consumer spending for so long is what in turn fueld the economic expansion of the 50s and 60s.
We're now experiencing the hangover from a period of prolonged government policies that encouraged easy credit instead of frugal savings to achieve goals.
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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