Great Depression Vs Great Recession Essay

Improved Essays
Determining the most depressing. The Great Depression of the late 1920’s and early 1930’s and the Great Recession of 2007 – 2009 were both times of major loss in the economy of the United States. Whether it is the amount of money lost or the amount of jobs lost they are similar but yet different in a plethora of ways. The Great Recession began in December of 2007 and lasted until June of 2009. The causes of the Great Recession date back from the 1980’s ‘consumer age’, debt from the household income was the primary set-up for the recession, and large amounts of money being borrowed for houses (“Great Depression vs. Great Recession”). On the other hand, the Great Depression began on October 29, 1929 and ended in 1931. World War I, overproduction in …show more content…
It took over two decades, with several smaller recessions in between, to fully impact the economy. On the other hand, it took the Great Depression almost a decade to form (1918 – early 1930’s). Apart from overspending, both events invested in difficult categories. The Great Depression invested in the Stock Market, while the Great Recession (“Consumer Age”) invested in housing (“Great Depression vs. Great Recession”). The Great Depression’s consequences are somewhat like those of the Great Recession’s considering bank failures and unemployment but at a much devastating scale. When World War II ended, the Great Depression’s unemployment rate fell below ten percent. Franklin D. Roosevelt’s “New Deal” was programs and policies “meant” to improve conditions for the people’s suffering. The Great Recession’s federal reserve lowered interest rates in 2008 and later adopted the zero-interest rate policy. Tax rebates were mailed to middle and lower class households to promote spending. The federal Government spent 2.5 GDP in hopes of encouraging the economy (“Great Depression vs. Great

Related Documents

  • Improved Essays

    One of America’s darkest times in it’s history is known as the Great Depression. Isaac Asimov, a historical writer, once stated, “No one can possibly have lived through the Great Depression and not be scared by it. No amount of experience since the depression can conceive someone who has lived through it that the world is safe economically.” (Isaac Asimov) The country really struggled during this time, as jobs and money were scarce, impacting everyone throughout the nation.…

    • 1060 Words
    • 5 Pages
    Improved Essays
  • Superior Essays

    The Great Depression, spanning from 1929-1939, was a period of great turmoil in the United States. A depression is a sustained, long term period in which the economy is failing. The Great Depression was caused by the collapse of the Stock Market and the failure of the Banks. The reason why the crash of the Stock Market was so impactful to our economy was because of the speculative nature of the Market. Many people bought stocks on margin, which meant that they only paid 10% for the stock while loaning the rest from the bank.…

    • 1192 Words
    • 5 Pages
    Superior Essays
  • Improved Essays

    The Great Depression The Great Depression of the 1930’s plunged the American people into an economic crisis unlike any endured in the country before or since. This time period of limited economic growth was caused by a few main factors. Because these certain factors happened, american life was vastly changed until the recovery in the late 1930’s. Though economists are not completely sure why the Great Depression happened, a few key factors do stand out as specifically influencing the economy 's great downturn.…

    • 786 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    The Great Depression didn 't affect only the United States, it had worldwide implications that stemmed from it. It occurred in the late 1920s and lasted throughout the end of World War II. In 1932, one out of every four Americans was unemployed; in larger cities nearly half of the adults were out of work.(TS p.858) This economic turmoil caused food insecurity and massive job losses as people soured the country for work and stood in breadlines. These hard times put our nation at ends with political and economic issues, aggravating the effects of the Depression.…

    • 837 Words
    • 4 Pages
    Improved Essays
  • Superior Essays

    New Deal Dbq Analysis

    • 1239 Words
    • 5 Pages

    During the late 1920s to the late 1930s, the United States was impacted by the Great Depression, in which the US economy reduced the amount of job opportunities and increased the amount of poverty in the nation. The Great Depression was an economic depression that affected the US economy severely during the 1930s. The Stock Market Crash of 1929, Overproduction in farms and factories, Conflicts with the international economy and the Inequality of income in the US were all key parts that caused the Great Depression. The Depression took place at the end of Herbert Hoover’s presidency and carried into Franklin D. Roosevelt’s presidency. FDR stepped into office with several problems that affected everyone in the nation.…

    • 1239 Words
    • 5 Pages
    Superior Essays
  • Improved Essays

    The Great Depression officially started on October 29, 1929 after the stock market crash, and the Great Recession started in 2008 after the government pushed buying houses onto people. The Great Depression and Great Recession has almost seven decades between them, so some people would never think they would be similar. They might even say the President has learned from the Great Depression, so the economy will never get like that again. The economy almost did in the Great Recession. When comparing the Great Depression to the Great Recession, they have similar beginnings, similar responses by the president, and similar outcomes, but the differences are in the details.…

    • 933 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Great Depression Dbq Essay

    • 1113 Words
    • 5 Pages

    The Great Depression was a time period when the United States’ economy failed. During that time, many citizens lost their faith in the economy and became jobless and homeless. One of the causes of the Great Depression was failure in industry. Many people lost their jobs due to the development in technology. People who worked in the railroad and mining industry lost their jobs because of the development of cars and new forms of energy, such as hydroelectric and natural gases.…

    • 1113 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    The Great Depression was a period of time between 1929 and the late 30’s in which unemployment rates skyrocketed and America’s economy was hanging on by a thread due to multiple triggers one of which was the stock market crash. The two long-term causes of the Depression were the decline in industry growth and the overproduction of crops. Industry decline was one of the main factors that contributed to the Depression because former consumers no longer had the means to pay for goods or services which caused people to be laid off and businesses to fail. Overproduction of crops also played a part in triggering the Depression because after WW1 farms were still producing copious amounts of crops which in turn caused : food prices to go down, loss…

    • 1273 Words
    • 6 Pages
    Improved Essays
  • Improved Essays

    The economic collapse know to many generations as the Great Depression, left families in financial despair, many lived off of food stamps and careful savings. The continuous reactions of financial ruins began in the autumn of 1929. However, the more influential factors such as lack of industrial diversification, poor credit structure, and unstable international debt structure resulted in the Great Depression. In essence, the Great Depression was an avoidable struggle for the American people that would last approximately ten years.…

    • 788 Words
    • 4 Pages
    Improved Essays
  • Great Essays

    The Great Recession was caused by a number of different factors and the effects were abundant. With so much disagreement on what truly caused the recession, it is apparent that it cannot be pinpointed to one single event or action, but rather a number of factors that set off this devastating economic event. The recession can be blamed on a combination of factors such as deregulations by politicians, AIG, the S.E.C, and many others. The effects of the recession were felt by homeowners, banks, and many working Americans as the economy declined, leaving numerous drowned in debt.…

    • 958 Words
    • 4 Pages
    Great Essays
  • Improved Essays

    Great Depression Causes

    • 1283 Words
    • 6 Pages

    The Great Depression (1929-1939) was the longest and most devastating era of economic decline in the United States. The “Great Depression” took place during the decade of the 1930s when unemployment and poverty skyrocketed and the economy plummeted. Industries collapsed, businesses failed, and the U.S. went into debt. Many long term factors led up to and triggered the Great Depression. One of the long term factors was consumer spending and consumer mentality.…

    • 1283 Words
    • 6 Pages
    Improved Essays
  • Improved Essays

    The Gilded Age

    • 1166 Words
    • 5 Pages

    America has always had a flexible identity created by our many freedoms and technological advancements, leading to both economic and social changes. The roaring twenties formed a very broad yet bold name for America through the racial mix, social tension, cultural modernism and the amount of conflict that went down. A more modern era came about, which made people self-assured and wealthy, but when cultural advancement was brought into the picture, it caused ruthless reactions. The Identity of the United States in 1920 was tense and harsh, yet progressive and ambitious, as a result of our many freedoms. The term “The Gilded Age” was used by Mark Twain to synthesize the political corruption and greed that was in the air after the civil…

    • 1166 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    This investigation is important in its historical context because the Great Depression was the worst and longest economic recession in the history of the world. The Great Depression began in the United States on October 29, 1929 after the crash on Wall Street (Alchin). It lasted a total of ten years with the most difficult years being between 1932 and 1933 (Alchin). Everyone whether they were rich or poor, young or old, a farmer or a mother were deeply affected by this economic crisis. However, it was the children of this time that received the worst of the impact.…

    • 618 Words
    • 3 Pages
    Improved Essays
  • Superior Essays

    The Great Depression, starting in 1929 on Black Tuesday, was the crash of the United States economy. During that time, 25% of Americans were unemployed, and millions lost their savings due to bank failure, leaving them poor and frustrated with the government. Causes of the Great Depression include the overproduction of crops and the deduction of consumer spending. After WWI, the demand for crops dropped 40%, lowering the prices of food, and forcing farmers to produce more to meet their budget. They tore up roots that had been holding the land in place to make room for crops, and combined with a drought and high winds, started the Dust Bowl.…

    • 1026 Words
    • 5 Pages
    Superior Essays
  • Superior Essays

    Massey Energy Case Study

    • 1823 Words
    • 8 Pages

    . Applying the four methods of ethical reasoning (utilitarianism, rights, justice and virtue), do you believe Massey Energy behaved in an ethical manner? Why or why not? Massey Energy did not act in an ethical manner toward rights of workers, justice, virtue or utility. Utilitarianism methods of reasoning wasn’t apparent at Massey Energy because the end result of the business didn’t justify what they were creating as a company.…

    • 1823 Words
    • 8 Pages
    Superior Essays

Related Topics