Unemployment During The Great Depression
The Great Depression
Starting in 1929, one of the most devastating events occurred and originated in America. The great depression was a severe worldwide economic depression which lasted until the late 1930s. It was the longest, deepest, and most widespread depression of the 20th century. The great depression was the result of the stock market crashing, which later on wiped out many of investors. This caused steep declines in industrial output and a majority of people became unemployed. Unemployment led to families not being able to support their children. When the Great Depression began, the United States was the only industrialized country in the world without some form of unemployment insurance or social security. By 1933, when the Great …show more content…
Depression reached its lowest point, 15 million Americans were unemployed and nearly half the country’s banks had failed. Many people would describe the great depression time period as a fall in the stock market or that the “stock market crashed”. The only way the stock market crashed was because there was a sharp decline in stock which was the result of everyone losing their job. Eventually when the stock market crashed down, the prices of the stock were decreasing. The reason the stock market crashing was the biggest depression of the 20th century was because it effected everyone who owned a stock. Once everyone was left with nothing, no one knew what to do. Black Tuesday hit Wall Street as investors traded some 16 million shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors. In the aftermath of Black Tuesday, America and the rest of the industrialized world spiraled downward into the Great Depression, the deepest and longest-lasting economic downturn in the history of the Western industrialized world up to that time. It lasted about 10 years. During the 1920s, the U.S. Stock market underwent rapid expansion, reaching its peak in August 1929, after a period of wild speculation. By then, production had already declined and unemployment had risen, leaving stocks in great excess of their real value. One of the biggest problems with it crashing was the fact that parents could not pay finances. The male was the main worker of the house and he worked every day while the women usually stayed home and cooked and cleaned for the family. At this time, some women did work in factories but many at the time did not work yet stayed home with the children. Besides family’s struggling during this time, Roosevelt served as a reform governor from 1929 to 1932, and promoted the enactment of programs to combat the Great Depression that occurred during his governorship. Roosevelt defeated incumbent Republican president Herbert Hoover in November 1932, at the depth of the Great Depression. The Great Depression of the 1930's ended when the U.S entered World War II.
Right around the time japan attacked Pearl Harbor and World War II started, the stock market was fully back to the top. On the surface World War II seems to mark the end of the Great Depression. During the war more than 12 million Americans were sent into the military, and a similar number toiled in defense-related jobs. Those war jobs seemingly took care of the 17 million unemployed in 1939. Most historians have therefore cited the massive spending during wartime as the event that ended the Great Depression. Even President Roosevelt sensed that war spending was not the ultimate solution; they feared that the Great Depression—with more unemployment than ever—would resume after Hitler and Hirohito surrendered. Yet FDR’s team was blindly wedded to the federal spending that had perpetuated the causes of the Great Depression during the 1930s. After the Great Depression, buying things on credit was a strictly avoided and if people didn't have the money to buy something, they didn't buy it. Men traveled far and wide in search of better opportunities, while others who resigned to their fate spent time indoors, playing card games with neighbors or listened to radio. People were not able to pay back their debts and many were not able to pay their rents, forcing them to live in
shantytowns. The Great Depression was definitely a time that we will never forget. It has shaped this world today leaving us the knowledge we now have. It was a time of sorrow and pain. It was a time for the poor, not having any money to pay for their family or their debt that they are in. when thinking about the struggle of the late 1920’s to 1930’s it’s sad to see that our ancestors went through the struggle of losing money off of stock and investment that they could not control. It was a struggle but has shaped us and the environment we are in today and is something that will never escape our history.
Starting in 1929, one of the most devastating events occurred and originated in America. The great depression was a severe worldwide economic depression which lasted until the late 1930s. It was the longest, deepest, and most widespread depression of the 20th century. The great depression was the result of the stock market crashing, which later on wiped out many of investors. This caused steep declines in industrial output and a majority of people became unemployed. Unemployment led to families not being able to support their children. When the Great Depression began, the United States was the only industrialized country in the world without some form of unemployment insurance or social security. By 1933, when the Great …show more content…
Depression reached its lowest point, 15 million Americans were unemployed and nearly half the country’s banks had failed. Many people would describe the great depression time period as a fall in the stock market or that the “stock market crashed”. The only way the stock market crashed was because there was a sharp decline in stock which was the result of everyone losing their job. Eventually when the stock market crashed down, the prices of the stock were decreasing. The reason the stock market crashing was the biggest depression of the 20th century was because it effected everyone who owned a stock. Once everyone was left with nothing, no one knew what to do. Black Tuesday hit Wall Street as investors traded some 16 million shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors. In the aftermath of Black Tuesday, America and the rest of the industrialized world spiraled downward into the Great Depression, the deepest and longest-lasting economic downturn in the history of the Western industrialized world up to that time. It lasted about 10 years. During the 1920s, the U.S. Stock market underwent rapid expansion, reaching its peak in August 1929, after a period of wild speculation. By then, production had already declined and unemployment had risen, leaving stocks in great excess of their real value. One of the biggest problems with it crashing was the fact that parents could not pay finances. The male was the main worker of the house and he worked every day while the women usually stayed home and cooked and cleaned for the family. At this time, some women did work in factories but many at the time did not work yet stayed home with the children. Besides family’s struggling during this time, Roosevelt served as a reform governor from 1929 to 1932, and promoted the enactment of programs to combat the Great Depression that occurred during his governorship. Roosevelt defeated incumbent Republican president Herbert Hoover in November 1932, at the depth of the Great Depression. The Great Depression of the 1930's ended when the U.S entered World War II.
Right around the time japan attacked Pearl Harbor and World War II started, the stock market was fully back to the top. On the surface World War II seems to mark the end of the Great Depression. During the war more than 12 million Americans were sent into the military, and a similar number toiled in defense-related jobs. Those war jobs seemingly took care of the 17 million unemployed in 1939. Most historians have therefore cited the massive spending during wartime as the event that ended the Great Depression. Even President Roosevelt sensed that war spending was not the ultimate solution; they feared that the Great Depression—with more unemployment than ever—would resume after Hitler and Hirohito surrendered. Yet FDR’s team was blindly wedded to the federal spending that had perpetuated the causes of the Great Depression during the 1930s. After the Great Depression, buying things on credit was a strictly avoided and if people didn't have the money to buy something, they didn't buy it. Men traveled far and wide in search of better opportunities, while others who resigned to their fate spent time indoors, playing card games with neighbors or listened to radio. People were not able to pay back their debts and many were not able to pay their rents, forcing them to live in
shantytowns. The Great Depression was definitely a time that we will never forget. It has shaped this world today leaving us the knowledge we now have. It was a time of sorrow and pain. It was a time for the poor, not having any money to pay for their family or their debt that they are in. when thinking about the struggle of the late 1920’s to 1930’s it’s sad to see that our ancestors went through the struggle of losing money off of stock and investment that they could not control. It was a struggle but has shaped us and the environment we are in today and is something that will never escape our history.