The Great Depression's Impact on U.S. Economy
The Great Depression's Impact on U.S. EconomyThe 1930's were times of great depression resulting in sweeping change. All across North America the tough times were felt by all. The stock market crash of October 29, 1929, sent the entire nation into the longest downward economic spiral of its history, also known as the Great Depression. The most extensive problem faced during the Great Depression was the people's economic difficulties. The main economic tragedies faced included the failure of businesses, the prolonged unemployment and joblessness, the agricultural devastation of the farmers and the overall poverty of the nation. After the crash the banking system had virtually collapsed and the economic machinery of the nation was grinding to a halt. Many factories lost money and went out of business because of this great tragedy. "As the Depression deepened, businesses across the country resorted to layoffs and wage drops to survive" (Nishi 54). As many as 20,000 businesses went bankrupt while several others struggled greatly to get by. Because the pay of workers failed to increase, they couldn't afford the manufactured goods of businesses. Since the factories were still manufacturing goods, the Americans weren't able t
During the 10 years of the Great Depression's span, many businesses failed, many died of starvation, and hundreds of thousands of well to do Americans lost their jobs, homes and life savings. The economic difficulties were by far the most pervasive problem faced during the Great Depression. As sure as the Great Depression dried up the people's cash supplies and job opportunities, it also depleted their hope. It toppled many of the upper class from their accustomed places in society and faded the line between the middle-class life and that of poverty for many others. Hunger, hardships and fear of the future caused many to give up completely. They would soon find out that with a new president, much of their strife would start to take a turn for the better. Many students lost hope for a college education. Even a high school diploma was a luxury because young people needed to work to provide help for their families as best they could. Joseph L. Heffernan, mayor of Youngstown, Ohio, commented on the issue: "... I have seen thousands of these defeated, discouraged, hopeless men and women, cringing and fawning as they come to ask for public aid. It is a spectacle of national degeneration. That is the fundamental tragedy for America" (Nardo 181). This position of such poverty placed on Americans was difficult for most to accept. Many people lined up in long breadlines and outside of soup kitchens desperate for food. "The block-long lines of men and women standing in breadlines became synonymous with the Depression" (Nishi 54). Accepting these food line handouts and resorting to taking charity was hard for people who had prided themselves on providing the necessities for themselves. Despite overwhelming numbers, the private charities and city relief agencies of every major city did the best they could to keep the people fed. Yet many starved trying to find work for themselves and hold on to their last bits of pride. New York City hospitals reported 95 cases of starvation and 20 confirmed deaths during the trivial times. America also experienced rioting mainly due to food shortages and violent managing of labor disputes. Once a crowd of 50 men fought over a barrel of garbage outside the back door of a Chicago restaurant. People would do anything possible to fend for themselves because they were so desperate for food and had no money to pay
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Approximate Word count = 1589
Approximate Pages = 6 (250 words per page double spaced)
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