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In the long term, outlawing yellow-dog contracts during Herbert Hoover's administration increased the equilibrium price level while decreasing output.
What was formed during Hoover administration produce?
As the Great Depression deteriorated in 1931 and 1932, Hoover reluctantly agreed to direct federal participation, establishing the Reconstruction Finance Corporation and signing a large public works package. At the same time, he signed the Revenue Act of 1932, which raised taxes in order to maintain a balanced budget. He was successful in reducing consumption of foods required overseas while avoiding rationing at home while keeping the Allies fed. Following the Armistice, Hoover, a member of the Supreme Economic Council and the head of the American Relief Administration, ordered food shipments for millions of famished people. Hoover built almost a hundred tent villages and a fleet of over 600 vessels, raising $17 million (equivalent to $265.19 million in 2021). By 1928, Hoover had come to overshadow President Coolidge, owing largely to his leadership during the flood crisis.
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