Third American economic and social cycle. From Garfield to Carter. Millions of immigrants arrive in America, mostly from Ireland, Italy, and Eastern Europe. These immigrants are culturally completely different from the previous ones, who had come from England and Scotland. At the same time, the economy runs out of money, and a spiral of savings and reduced investment sets in, resulting in the Great Depression. Franklin Delano Roosevelt, the symbol of this era, manages to reverse the trend by transferring wealth from investors to consumers. Ultimately, however, it is World War II that ends the Great Depression, not the New Deal. The war allows the government to spend enormous amounts of money to build factories and hire workers, accumulating a huge debt, mostly owed to its own citizens, through war bonds. Upon their return, the soldiers manage to buy homes by borrowing and send their children to college, who become white-collar workers and professionals. The Interstate system is built, opening up the vast expanses of North America to the American middle class, who take over the leadership of the country.
