How long did we suffer the “Great Depression”?
The Great Depression was from late 1929 to 1940 – officially – but we weren’t back to pre-1929 unemployment levels till 1943. (Back then, ‘good’ unemployment levels were 2-3%, but the Depression knocked this down to 20% -with no welfare or unemployment insurance.) Two things helped turn it around: 1)The New Deal was implemented by FDR, which basically began the welfare state and built many public-works projects, by stimulating the economy. By 1933, unemployment went down to 10% – Pretty good by today’s standards, but since there was no welfare and (minimal) unemployment insurance, people suffered horribly. 2)Finally, WW2 solved the Great Depression – First, Americans made and sold products for countries in high demand for this during the war, then she started producing for her own efforts from Dec. 4/1941 (Pearl Harbor) and on. The war caused factories to re-open, and people were now working again.
This ain’t nothing like the Great Depression, my dear. When we have something like the Great Depression of the 30’s, there will be no cell phones, flat screens, gas guzzlers, Open houses, trips to Vegas or, in other words, no living the life like we have today. The social unrest would be so great that there would be food riots, job riots and crime levels triple what they are now. New building and construction will be non-existent. What factories that are left in this country will close. Money will be almost impossible to borrow. Millions of comfortable people now, would lose everything they have, not just a bit. The government will go broke trying to keep welfare going, and forget about any kind of health care help. We aren’t even close to anything like The Great Depression. The Depression was caused by many influences, just like what we are seeing now. The Dust Bowl conditions, the European economy and a world-wide weak banking industry.
