After World War 1, America became a rich country. Automobile (called struggle buggy) was introduced as an innovative transportation, and newly constructed highways were used as sader roads by people. While infrastructures were developed, aviation was aldo advancing; pilots such as Amelia Earhart flew the sky. In accordance with the rise of the installment buying (to pay money little by little over an extended time), people spent more money to consume new machines such as refrigerator. While the alcohol was prohibited, people called bootlegger secretly transported and drank them.
People in 1920s enjoyed their luxurious lives with stable finance and abundant new products.
However, people were slowly but definitely getting closer to the Great Depression. Despite of the absence of demand, farmers and factories practiced over-production since they wanted to recover from the dropped wages after ww1. But it didn’t help the recovery. The withdrawing by those who feared the recession caused bank collapse. More stocks were sold, and their prices kept going up and up; the high value of stock indicated the success of company.
But, in the back side, the financial reports were manipulated by companies for their benefits. Since 1929, the drop of stock price led to the business failure and unemployment. People read this trend and feared to be involved in it.
The Human Impact of the Great Depression
Stock market corruption, unemployment and the drop of wage impacted people’s lives. Because people could not earn money to pay for rent, they lost houses and had to sleep in sewer pipes or on the street.
Even those who could hold onto their houses were forced to work harder in the era of depression. Women and children’s lives completely shifted from pleasant time in house to laboring. Farmers could crop foods for their families, but it did not last for a long time since they could not pay for their lands. The depression greatly affected people’s lives, and it automatically formed the strong bonds among communities to survive.
Soon government became more active to support society in depression. Franklin D. Roosevelt (FDR) mainly advocated to recover economy and people’s lives in America. His advocaion is called New Deal. The motto of the program is known as three R’s: Relief, Recovery and Reform. Each one, in order, means the immediate help for those who need support, mobilization of institutions, and creation of long-lasting economic system. FDR’s works as a president were supported by Brain Trust, a group of advisers including FDR’s wife Eleanor Roosevelt. In the program, FDR used radio to build public confidence to survive the depression and to show his cooperation. Also, FDR established many policies such as Emergency Banking Act, the temporary bank closure to reorganize banks, and Works Progress Administration, employing people to work regardless of their skills. FDR’s New Deal did not end the Great Depression, but his support encouraged society to keep perseverance.
From the formidable failure of people in 1920s, modern people can learn that they must not use their money impulsively, and they also should consider the society as a whole in order to not cause the bank collapse by withdrawing great amount of money. People have already admonished the lesson by restricting the maximum amount of money which people can withdraw from their bank accounts. Government should be expected to support whenever people in need, because government is supposed to support a nation and people belonging to the land. Barack Obama had created the policy which was proposed to make an end to financial inequality by increasing the tax from those who have a stable income. Meanwhile, republican set up an economic plan which is to reduce business, lowering taxes, and to reduce regulations. Preferably, Obama’s economic policy should be supported, because the increase of tax for wealthy people could be an approach to a fair creation of the economic equality while republican’s reduction of regulation would lead to the similar consequence to the stock market collapse. Business’ integrity and people’s consciousness about their responsibility to use money properly would lead America for a long-lasting economy.
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