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Economic Depression: Life During The Great Depression

Decent Essays
The United States of America has the largest public debt in the world. Over forty eight million people live in poverty within the United States. We are nineteen point five trillion dollars in debt, according U.S. federal government. Jobs are at an all time low, minimum wage for an average adult is not enough to support a family on. This is true for even some people without a family as well, making life necessities themselves seem impossible to cover. So, we must ask ourselves, is the American dream really an impossible one?

In October of 1929, there was a worldwide economic depression that had lasted for ten years. It was known as “The Great Depression”. Life during the great depression was rough. Farmers lost their farms, the unemployment rate rose from three percent upward to twenty five percent in the nation's workforce. And people who still had jobs, their wages dropped forty two percent. The great depression started in the stock market, on wall street in New York City when traders sold twelve point nine million shares of stocks on October 24th, 1929. This was triple the usual amount, stocks began to fall twenty three percent for the next four days. This made the stock market crash. Which lead the investors to begin withdrawing their deposits from banks, causing the banks to go into a panic mode.
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People began to withdraw their money to put it under their mattresses leading to a decreased money supply. The Federal government could not get the economy going again with the lack of money in circulation. The total supply of U.S. dollars fell thirty
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