One question has been lingering on for years; one question that has led to many debates; one question that has people searching for an answer. Everyone can agree times do start to get hard here and there. One of the most devastating times in history was experienced due to the crash of the stock market (Black Tuesday), October 29th, 1929. This led to what is now known as The Great Depression. Within the last five years, Michigan has endured financial and economic hardship; however, it would not be considered a depression. This becomes evident when comparing, total farm income, unemployment rates and divorce and marriage rates during The Great Depression, to recent figures Michigan. Farming was and still is a way of life. Between 1930 and 1935, nearly 750,000 farms were lost through bankruptcy or sheriff sales (facts.randomhistory.com, The Great Depression) Total farm income during The Great Depression decreased by $324.60 per year. Today Michigan’s farming income is up around $1,400 million. (Federal Reserve Bank of St. Louis, research.stlouisfed.org) It can clearly be seen through the average farming income, Michigan in the last five years has not sunk so low to be reflected as a depression. Also, people lose their jobs all the time; that’s just how the economy is always going to be. Not nearly as many people lost their jobs as in Michigan from 2005 to now as they did during The Great Depression. Unemployment rates reached a downfall of 25% (notes). The unemployment rate in Michigan in the last five years has only reached 7% (U.S. Bureau of Statistics, Unemployment in the U.S).With an 18% difference from The Great Depression to the past five years in Michigan; unemployment rates have not put Michigan through another depression. “The last five years our economy has been strong in the Landscape industry. People are staying home and planning landscape projects due to the fuel increase. As a company no cut backs, I spend money to make money! Currently I have fifteen employees. My relationship with employees is based on responsibility and trust. Each day of work my employees knows my expectations. Landscaping is a seasonal business and employees at some point are laid- off. Employees are entitled to unemployment benefits. I would not consider Michigan in a depression. People need to quit making excuse and start working!”(Kill, Jerry, Moonhill Landscaping Business Owner) It takes a lot of time and money to put on a wedding costing around $20,000 (Weliver, David). Same goes to going through a divorce $10,000 in modern day Michigan (Rich, Larry). During 1929-1939,
The Great Depression was a time period (1929-1939) of economic turmoil that occurred on what was forever known as, Black Tuesday. After the stock market crash, unemployment and poverty spread to almost every American family, businesses had to lay off workers, and the industrial output soon declined. Two long term causes of the Great Depression were the Dust Bowl and bank failures. The Dust Bowl was a drought that left acres of farmland overworked and useless. Many farmers were left unemployed thereafter…
later known as the Great Depression. Prior to the Great Depression it was known as the Roaring Twenties. During this era the total wealth doubled, this meant that people from coast to coast were buying the same goods. Americans were listening to same music, using the same slang and even dancing the same; but this all changed on October, 29, 1929. Everything that the American knew was gone, their pursuit of happiness, life, and liberty was stripped away from them. The Great Depression was caused by the…
One of the most dramatic examples of historical labor supply and demand in the United States is the event in the 1930’s called the Great Depression. During this time the United States went through a dramatic economic crisis that caused the stock market to crash, followed with what could only be referred to as a total economic meltdown. People that were heavily invested in the stock market lost billions of dollars collectively, some even turning to suicide. The demand for goods and services dropped…
From Wikipedia, the free encyclopedia
Dorothea Lange's Migrant Mother depicts destitute pea pickers in California, centering on Florence Owens Thompson, age 32, a mother of seven children, in Nipomo, California, March 1936.
The Great Depression was a severe worldwide economic depression) in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s…
or have learned something about the great depression and the effects it had on the United States. There are a list of issues the created the great depression, but have we actually thought about it, and tried to understand it before? In the 1920’s the American economy was going strong, for the most part, and the vast majority of Americans had witnessed economic growth, however, stock prices fell, more and more issues arose, and then came the great depression which created uneven distribution of wealth…
Oct. 1929, stock values hit $87 billion
Value of worker’s wages risen 40%
Unemployment below 4%
“Everybody Ought to be Rich”
Business success became a religion for some
1929 article stated saving 15$ a week over 20 years could bring a $400 a month income from investment
“Anyone can be rich, but ought to be rich”.
New approach to labor relations
Employers raised wages and provided benefits
Economic danger Signs
Uneven prosperity –The rich were getting richer and the poor were…
Problems in the Economy
Although the American economy was booming, not everybody shared in the growing affluence. Six million families – 42% of the total – had an income of less than $1,000 a year and certainly could not afford the new cars and gadgets rolling off the production lines. Presidents Coolidge and Hoover advocated a policy of ‘rugged individualism’ that meant ‘every man for himself’, with no welfare support from the Government for the poor. The growth of mass production, mass consumption…
about seventeen millions soldiers has lost their lives and the death total of the civilians were even much greater than that. This is the total volume of Americans only that was noted in history, although other nations total just as many or more.
There are several consequences listed that are consider as the most important, which World War II had produced in the changes in American life, some are trivial, and others are very great, or intense. But I have chosen the following ones to piggy-back on…
assert its role in the world as a superpower. The isolationists won out and America did not join the League of Nations.
Not until the end of WWII, did America begin to assert its role as a global superpower. After the First World War and the Great Depression after it, Americans did not want a Third World War. This led to the U.S.’s policies during the Cold War such as containment and the formation of NATO.
In conclusion, multiple costly wars for the United States forced America to become a…
Gilded Age Politics
“What you farmers need to do is raise less corn and more hell.”
POLITICAL PARTIES IN THE LATE 1800s
Toward the end of the 1800s, the two major political parties (Republican and Democrat), had
almost equal support across the nation. While the Republican base seemed to be centered in the
North and Midwest, Democrats drew most of their support from the South and West. Also a few
small political parties like the People’s Party, Prohibition Party and…