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The Great Depressions Impact on US Economy The 1930s were times of great depression resulting in sweeping change All across North America the tough times were felt by all The stock market crash of October 29 1929 sent the entire nation into the longest downward economic spiral of its history also known as the Great Depression The most extensive problem faced during the Great Depression was the peoples economic difficulties The main economic tragedies faced included the failure of businesses the prolonged unemployment and joblessness the agricultural devastation of the farmers and the overall poverty of the nation After the crash the banking system had virtually collapsed and the economic machinery of the nation was grinding to a halt Many factories lost money and went out of business because of this great tragedy As the Depression deepened businesses across the country resorted to layoffs and wage drops to survive Nishi 54 As many as 20000 businesses went bankrupt while several others struggled greatly to get by Because the pay of workers failed to increase they couldnt afford the manufactured goods of businesses Since the factories were still manufacturing goods the Americans werent able to afford them and the factories made no money Many banks lost money from Americans who couldnt pay bank loans In 1930 alone 1345 banks failed and by 1931 the number staggered to 2293 Industrially the failures of business added to the economic difficulties during the Great Depression The Great Depression caused several to become jobless and unemployed 5 million people were unemployed in 1930 By the end of 1932 the figure stood at 13 1 2 million The unemployment rate had climbed to include virtually 25 of the work force by 1933 Those fortunate to retain jobs experienced huge cuts in their wages they fell 425 from 1929-1933 Many of the rich suffered a stunning blow to their fortunes but the poor grew destitute Brennan 76 Longer
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