In 1929, the Great Depression burst out in the United States. Many banks and businesses went bankrupt, and numerous workers lost their jobs. Under such circumstances, Franklin D. Roosevelt won presidential election in 1932. In order to deal with the Great Depression, the President launched the New Deal program. Congress passed a large number of laws within the historic “Hundred Days”. Such laws as the WPA, AAA and the Social Security Act established contributory old-age and survivors' pensions and a joint federal-state program of unemployment insurance. Although the New Deal did not end the Depression, it helped to improve the economy thanks to government intervention. Full economic recovery from the Great Depression was brought about by the defense buildup before the US entered the Second World War.