Nineteen twenty-nine was a desperate time for most Americans, and especially hard on the African American population. World War One ended in 1918 and federal spending was three times larger than tax collections. Families were forced apart; suffering from hunger and foreclosed homes. There was a decrease in jobs, and to make matters worse, people of color also faced discrimination. Some say, the people in the bottom 80% of the income bracket were lucky because they did not have to pay taxes. Taxes imposed on the rich, declined. This caused an uneven distribution of the nation’s wealth. There was now a large gap between the people considered wealthy and the citizens that were “poor.” The economic fall was not expected. “To most Americans it seemed the prosperity of the "roaring" 1920s would go on forever” (Hanes, Sharon, vii).
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The Great Depression lasted around 10 years. It was the longest depression the western world had experienced. It was known as an “"economic slump"” (About The Great Depression). The depression was fueled by many factors. The stock market crash during October 1929, was one event that sparked the depression and hurt many Americans. The weak banking system also contributed to the economic downfall that occurred during October, 1929. Before the stock market crashed, the economy was weak. Then, when the stock market crashed in October of 1929, everything fell apart. The economy continued to fall and did not plateau until three years later, but the people were still suffering. The depression began in the United States, but because of the weak Federal Reserve, it eventually spread to parts of the outside world. The Federal Reserve is linked to other banking systems outside of the US, and because the Federal Reserve was weak, it caused linked economic systems to fall
The Great Depression lasted around 10 years. It was the longest depression the western world had experienced. It was known as an “"economic slump"” (About The Great Depression). The depression was fueled by many factors. The stock market crash during October 1929, was one event that sparked the depression and hurt many Americans. The weak banking system also contributed to the economic downfall that occurred during October, 1929. Before the stock market crashed, the economy was weak. Then, when the stock market crashed in October of 1929, everything fell apart. The economy continued to fall and did not plateau until three years later, but the people were still suffering. The depression began in the United States, but because of the weak Federal Reserve, it eventually spread to parts of the outside world. The Federal Reserve is linked to other banking systems outside of the US, and because the Federal Reserve was weak, it caused linked economic systems to fall