The “Roaring ’20s” brought about a time of speakeasies, jazz and culture to the United States, but in 1929 that would all change.  The stock market crash on Black Tuesday ruined the country’s economy and left millions of Americans without a means to support themselves or their families in a time that would quickly become known as The Great Depression. In order to combat the economic plight of the country, the U.S. government had to take action.

On this day, June 16, in 1933, the National Industrial Recovery Act was signed by President Franklin D. Roosevelt.  The act gave the President the ability to raise prices in time of deflation with the intention of  stimulating economic recovery.

Unfortunately the National Industrial Recovery Act could not single-handedly defeat the Great Depression. There are some economists that argue that the Act was not successful, but it did help to create the Public Works Administration and National Recovery Administration.  These agencies would go on to play a key role in creating jobs and economic growth.