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America and The Era of the Great Depression The Great Depression was a time of difficulty and stress for everyone It was the biggest slump the economy had ever faced The depression had adverse effects on the entire country The stock market was disarrayed and people were chaotic People were jobless and bankrupt forcing the economy to fall to shambles Market crashes and the maldistribution of wealth caused the American economy to decline The end of World War I welcomed a period of prosperity which however resulted in the greatest recession the country has ever come across Around 1922 the economy was booming President Harding allowed taxes and federal spending to be cut After President Hardings term was over Calving Coolidge stepped up who proved to have a soft spot for business Not only did he refuse to investigate monopolies but also chopped taxes for those who had high incomes with very little cuts for middle incomes In 1924 after a decline in business Reserve Banks created over 500 million in new money Due to the fiscal policies banks could lend over 4 billion This humongous credit expansion was a great factor that led to the stock market crash in 1929 and the depression The roaring twenties was a time of well being where the nations income rose from 743 billion in 1923 to 89 billion in 1929 However wealth was not shared by all for the top 01percentage of Americans in 1929 controlled 34 of savings while 80 had no savings at all The share of wealth and income grew wider between the rich and the middle class all throughout the 1920s While the disposable per capita rose 9 from 1920 to 1929 those with income within the top 1 enjoyed a stupendous 75 increase in per capita disposable income McElvaine 38 The increased manufacturing output throughout this period was a major reason for the growing gap amongst the classes
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