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The Great Depression
Transcript of The Great Depression
Causes of the Depression
The Great Depression?
Began October 29, 1929
Ended in late 1930's
There were many strikes and protests
Children left school to get jobs in factories (kids 10-18 worked in canneries, mines, farms, etc.)
Some middle class Americans kept homes by taking in boarders or bartering
Families moved in order to find available jobs
People bartered or sold many of their belongings to make money
People made do with what they had by planting gardens, canning foods, and making their own shoe soles
People neglected general hygiene, medical care, and insurance
People lived on streets, in small shared rooms, or even sewers
People delayed being married, divorced, or having kids
Eli Sigman, Will Nowland, Emily Gripp, Zach McLane
After World War 1, Europe was struggling economically. The U.S. Government decided to help and loaned 17 countries ten billion dollars.
Limited regulations on stocks allowed investors to speculate wildly and buy stocks on margin. Months before the crash, when the stocks started to falter, investors sold all of their stock and lost $16 billion.
The government had poor policies regarding taxes on income and imports. In 1927, the tax rate on the wealthy was reduced to 25%. The Smoot-Hawley Tariff Act of 1930 raised import taxes on nearly 20,000 foreign products. Foreign nations began to shy away from the United States and as a result the amount U.S. imports and exports were cut in half.
In 1929 the government raised the interest rate from 3.5% to 5%. The government didn't stabilize or increase the money supply during the Depression.
A drought and dust storms in the Midwest ruined agriculture and helped fuel the Depression
Workers During the Great Depression
25% of people were unemployed
37% of farm workers were unemployed
many people migrated to different states for jobs that weren't there
Three years after the stock market crashed, 30,000,000 people lost their jobs
many full-time workers were reduced to part time
The average family income was reduced by 40% (2,300 in 1929 to 1,500 in 1933)
25% of families had no employed wage earner in 1932
Only 10% of companies didn't cut pay
75% of workers worked part time
Jobs were incredibly scarce
The Great Depression was a period of worldwide economic depression in the 1930's. It originated in the United States on the day, known as Black Tuesday, when the stock market crashed. World War I greatly affected other countries around the world and the fall of the U.S. economy made it even worse.
Coping With the Great Depression
In the Midwest the Dust Bowl caused dry air and land which made it very hard to grow crops
Many farmers moved to California find work
Since so many people moved to California there was a job shortage for the farmers
The migrant farmers would take any job they could, so most worked for far less than the minimum wage
Without enough money to find a good place to live, many families of farmers lived in cheap unhygienic camps.
Migrant farmers were not respected and were treated as less than equals to the other farmers.