Compare the economic hardships of the Great Depression with today’s economical struggles. You will post a one-paragraph discussion post that compares how the economic crisis leading up to the 1920s is similar to or different from the current economic status in the United States. You will also provide your own evaluation on the effects of the Great Depression and how they might be similar to the effects of economic problems felt by Americans today.
As you know the Great Depression caused many banks to fail and this sent large ripples into society. For instance, the stock markets crashed and people lost their saving. This also caused many companies to close up, because there was little borrowing in view of the bank failures. As with today, it was very hard to get and keep credit. Jobs were also very difficult to come by. The unemployment rate went through the roof. The same can be said to be facing the country in recent times.
When this happened, more factories closed, because no one had money to spend. Who would buy good? Entertainment and all other non-essential spending went down as well. This caused great economic hardship for many American families to the point where many families subsisted on handouts from the government. Currently the public's spending power has diminished in the face of seemingly hard economic times.
The similarities between both situations is overwhelming.