According to the article “The Great Depression Brings Economic Crisis” from the book Great Events, The Stock Market Crash of 1929 caused one of the largest economic depressions in the history of the United States causing many American families to lose nearly all of their money. When this occurred, the United States government did very little to help the citizens of the United States leaving families and the working class to fight for their survival. The Stock Market Crash of 1929 changed the lives of the United States working class as the crash caused money loss, job loss, poor living conditions, lower wages, and struggles for food across America for the working class during the 1930s.
The Stock Market Crash of 1929 caused several losses for …show more content…
Citizens of the working class were constantly losing money in several ways as a result of the crash such as through their bank accounts, savings, and even businesses. Even working class citizens who did not invest in the stock market were losing their money. Banks were having to pull money out of everyone’s bank accounts and even life savings to keep the banks running as well as give the people who were withdrawing from the bank their money (“The Great Depression Brings Economic Crisis”). According to Eric Schwartz in the book Super Power: Americans Today “by the end of October, more than $15 billion in stock value had been lost” (Schwartz 29). The working class was constantly in a rush to get to the bank hoping that they would not be one of the few that got nothing out of the bank before every other person ran the bank broke as they found out that banks were investing in the stock market that was not doing good at all (Schwartz 29). According to Kris James Mitchener in the article “Great Depression” from the World Book Student, people were also losing money through businesses that they owned or even invested in, as …show more content…
According to Judith S. Baughman in the article “The Crash and the Great Depression” from the book American Decades, as working class citizens were losing their jobs their wages were constantly changing as they either had no income at all or were getting paid from little jobs that they could find along the way. With the little jobs that the working class could find, they were being paid little to nothing at all which would only be a few cents for an hour of work. Sawmill workers took a massive pay cut as sawmill workers were now only being paid “five cents an hour and general contract workers seven and a half cents an hour” (Baughman, “The Crash and the Great Depression”). Farmers had even more of a struggle for money after the stock market crashed because they only made about half as much as the people in the urban areas made, and then the farmer’s crops were sold for very little at the grocery and local stores (Baughman, “The Crash and the Great Depression”). “Annual national income shrunk from $88 billion to $40 billion” (“The Great Depression Brings Economic Crisis”). According to John Hardman in the article “The Great Depression and the New Deal,” finding money was hard for the working class, which eventually led them to begging, collecting, and stealing from others. Money was such a problem the working class citizens would
The Stock Market Crash of 1929 caused several losses for …show more content…
Citizens of the working class were constantly losing money in several ways as a result of the crash such as through their bank accounts, savings, and even businesses. Even working class citizens who did not invest in the stock market were losing their money. Banks were having to pull money out of everyone’s bank accounts and even life savings to keep the banks running as well as give the people who were withdrawing from the bank their money (“The Great Depression Brings Economic Crisis”). According to Eric Schwartz in the book Super Power: Americans Today “by the end of October, more than $15 billion in stock value had been lost” (Schwartz 29). The working class was constantly in a rush to get to the bank hoping that they would not be one of the few that got nothing out of the bank before every other person ran the bank broke as they found out that banks were investing in the stock market that was not doing good at all (Schwartz 29). According to Kris James Mitchener in the article “Great Depression” from the World Book Student, people were also losing money through businesses that they owned or even invested in, as …show more content…
According to Judith S. Baughman in the article “The Crash and the Great Depression” from the book American Decades, as working class citizens were losing their jobs their wages were constantly changing as they either had no income at all or were getting paid from little jobs that they could find along the way. With the little jobs that the working class could find, they were being paid little to nothing at all which would only be a few cents for an hour of work. Sawmill workers took a massive pay cut as sawmill workers were now only being paid “five cents an hour and general contract workers seven and a half cents an hour” (Baughman, “The Crash and the Great Depression”). Farmers had even more of a struggle for money after the stock market crashed because they only made about half as much as the people in the urban areas made, and then the farmer’s crops were sold for very little at the grocery and local stores (Baughman, “The Crash and the Great Depression”). “Annual national income shrunk from $88 billion to $40 billion” (“The Great Depression Brings Economic Crisis”). According to John Hardman in the article “The Great Depression and the New Deal,” finding money was hard for the working class, which eventually led them to begging, collecting, and stealing from others. Money was such a problem the working class citizens would