Tuesday, February 1, 2011

How was the Great Depression different than today's recession?

There are many people concerned today whether we are experiencing times much like those in the Great Depression.  This time period brought new content to plays on Broadway.  There were more references to bad times in the plays, and the form and content was open to experiment.  People were begging on the streets for food and a quick return to their old lives.  These were only some of the effects that the stock market crash of 1929 had on America.  It is evident that people are comparing the tough times we are going through now, to the Great Depression.

According to Forbes.com, the Great Depression was the day that "the worst economic crisis in American history began."  I think that this is a very strong statement, although it may be true.  We are now experiencing times much like those struggles experiences in the late 20's and 30's.  After reviewing statistics from the two economic crises,  today is not even comparable to the Great Depression.  During the Great Depression, over 9,000 banks failed, the unemployment rate reached 25% and the economy was declining.  These are only to name a few of the differences.  Todays recession has brought only about 57 bank failures, an unemployment rate of 8.5%, and an economy declining not nearly as bad as the Great Depression.  Yes, these times are comparable but they are also completely different in American history and culture.  Today, technology has been a great help to the United States.
  

1 comment:

  1. This is the best. Thank for the answer. It have help me

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