This was the first time the United States had gone into economic recession. Although United States spent almost two months as GDP was declining, it was not until the Wall Street Crash in October 1929 that the effects of a declining economy were actually felt by the government and the citizens. Then a major worldwide economic downturn followed (Terkel, 1970, p. xx). The market crash marked the start of a decade of high rate of unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth and personal advancement. Actual causes are still uncertain and controversial; however its effect was a sudden drastic and general loss of confidence in the economic
This was the first time the United States had gone into economic recession. Although United States spent almost two months as GDP was declining, it was not until the Wall Street Crash in October 1929 that the effects of a declining economy were actually felt by the government and the citizens. Then a major worldwide economic downturn followed (Terkel, 1970, p. xx). The market crash marked the start of a decade of high rate of unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth and personal advancement. Actual causes are still uncertain and controversial; however its effect was a sudden drastic and general loss of confidence in the economic