Economic history of the United States
Panic of 1873 created one of the worst and longest depressions in American history, seriously affecting every aspect of the economy and bringing the railroad expansion to a halt. The New York Stock Exchange closed for ten days. Of the country's 364 railroads, 89 went bankrupt, a total of 18,000 businesses failed between 1873 and 1875, unemployment reached 14% by 1876, during a time which became known in Britain as the Long Depression. Politically, the Democrats took control of Congress in 1874, the election of 1876 was deadlocked.
National Youth Administration
As the Great Depression continued to grip the American economy and inhibit the harnessing of American potential, unemployment and poverty spiraled to record highs. These debilitating years saw youth unemployment rise to 30% and the younger cohorts of the United States increasingly faced the devastation of not being able to afford education. Serving as the main catalyst for change and accelerator for government intervention, Eleanor Roosevelt advocated government involvement. In 1934 she notably declared that she frequently experienced "moments of real terror when [she thought] we might be losing this generation".
Halfway through the depression, Roosevelt had mixed opinions on the NYA and started leaning towards Congress to shut it down. "Its time we start thinking about the economy with war debt and the rise of liberals we must act now, as president I make the decision to give the NYA to congress to make sense of."