Known also as Black Tuesday, October 29th left stockholders shattered with recorded losses reaching $40 billion dollars (Kelly, n.d.). Many banks and financial institutions began collapsing which led to irretrievable, uninsured deposits and savings. Fearing further loss, people began spending less which led to a decrease in production and an increase in unemployment. As companies began to fail, the government devised the Smoot-Hawley Tariff in order to protect American businesses. The Tariff placed high taxes on imports leading to a decline in international trade.
The Great Depression changed and effected Americans and the economy. Millions of Americans lost their jobs and homes. The economy went though a lot of failure of meeting financial obligation in banking and in trading. Because of this Europe and many other nations were set back from many of our abilities to help with their broken economies as well.The unemployment in the Depression was very scary. The Depression started with the market crash of 1929.
The collapse of the housing market and unemployment caused the most damage. Between 1991 to 1992 unemployment had gone back up to 2.6 million. Negative equity meant home owner were paying mortgages far higher than their homes were worth. Many people could simply not keep up with the increased prices and resulted in them losing their homes due to the bank repossessing them. The recession hit close to home for the Tories, effecting the middle class not just the working class of the industrial north.
The Great Depression was a severe period of poverty and tragedy. It effected many other countries not just America; especially in Europe, where many countries had not fully recovered from the aftermath of World War I. The cost of World War I weakened the ability of the world to respond to a major crisis. America alone had ten billon dollars of debt from the war. In Germany America’s economic failure contributed to the rise of Adolf Hiltler, so the Stock Market Crash had a domino effect on our country and others.
Many lower class citizens are at or below the poverty line and are have and unavoidable disadvantages and poorer chances to discover life’s possibilities. Regardless of the potential and ambition that a lower class individual could possess, he or she will not be given opportunities to succeed like a higher class individual. People who are considered lower class do not have access to many of the resources like a wealthier societies do. Based on their economic situation, they automatically start behind the eight ball. Wealthier societies have exceptional educational services which include better teachers, utilities, and curriculum, whereas poorer societies just get by on the bare minimum.
This is based on who you know, not what you know. The lower classes are growing and we now have a country where programs are failing. More than ever families are without health insurance. Children are going to bed hungry. Families are losing their houses.
This situation caused a large emigration of people from Europe, the first frame in the image of America as the land of opportunity. In Europe, the lower classes faced the effects of overpopulation, “a crowded society, where every place, is over-stocked.” In comparison, Document 6 continues on to say, “there is room for everybody in America.” (Document 6) Overpopulation in Europe caused a shortage of land and an excess unskilled labor force left jobless. According to (Document 2), there was indeed economic opportunity for the aforementioned jobless “poor people.” of all kinds. (Document 4) Wage rates in the American colonies were “three times” as high as in England and Wales, suggestion of all the colonies offered great opportunities for poor men and women. “So not only was there promise of economic opportunity, but also a sense of economic equality.” Abundant land encouraged settlement; and the need for people to work land encouraged people to marry early, and have large families.
World hunger, pollution, and population growth all contribute to the increasing tensions felt around the world. World hunger has been created by an unequal distribution of food and resources to the people of the world. Wealthier nations, like the United States, consume more than their fair share of resources, and throw away millions of dollars of edible food each day. This wasted food could have fed starving people in areas like Ethiopia. Another problem with food distribution is that governments, like those in Africa, Asia, and Latin America are exporting crops to countries willing to pay higher prices as opposed to feeding its own people (Haviland, 2011, 2008).
It caused unemployment rates to rise, reaching as high as 25%. This, in turn, impacted family life, leaving many to live in extremely harsh conditions. It also affected social life, due to the fact that the gap between the rich and working-class widened. It truly was a catastrophe which impacted all. After the crash of the stock markets, the demand for agricultural goods during WWI disappeared, and as a result, rural areas of America experienced severe adversity.
Are we secure enough? The last of this fatal event leads to a down economy, that affects every one of us. Since those horrible attacks of 9/11, United States of America lost a lot of money and is an extreme debt. After that the prices of everything went higher, many people lost their jobs as a result of the economy, because of this many businesses are closing out and what is worst is the people who are losing their houses. In conclusion, the impact of 9/11 changed the United States of America in number of ways.