The Great Depression
The Great Depression is known as a time of economic disaster, and for its impact on the social structure of families. As times got harder, the family way of life changed. Families that were well off did not suffer as much as those that were already struggling. When men lost their jobs they also lost the ability to support their families. Children were forced to leave home and find work without adequate schooling. The Great Depression affected people both physically and psychologically. It was an era of unemployment, family struggles, and the way they survived.
The Great Depression was an era of unemployment. One of the main causes of unemployment was the combination of the greatly unequal distribution of wealth throughout the twenties. The unequal distribution of wealth had gone on forever. Money was distributed disparately between the rich and the middle class, between the United States and Europe, and even between industries and agriculture. The unequal distribution of wealth had created an unstable economy. Companies were losing money because of this unstable economy so there for they had to make some changes. The first thing that had to be done was to save money and they did this by cut the pay role. Employees of many years were fired or took massive pay cuts. The employers only kept a select few workers that they had to have.
If one did not make the employer’s expectation, they were fired.
Monte Cristo had a list, a little roll call.
And one by one he took them each for a ride
Saying One and Two and Three and so on
Till the names were all crossed off
And he had cleabsed the world of a giving number
Of betrayers who had personally wronged him.
He was judge, jury, and executioner
Finding a replacement was not difficult since everyone; men, women, children, and even grandparents, were looking for work.
I’m not asking for social equality,
All I want is a job with a decent wage,
To exist now and provide for old age.
So kindhearted employers, my case is up to you,
Give me something to do.
With few job openings and so many people looking for them, job security was a big threat. Because of this threat, employees started to form labor unions.
Thursday, October 24, 1929 was a very important date of the Great Depression. This date is commonly known as “Black Thursday” or some time called “Black Monday” This is the day that the stock market crashed.
On Thursday, Oct 24, 1929, the bottom began to fall out. Prices dropped precipitously…By the end of the day the market had lost four billion dollars…By the end of the year the stock values had dropped by fifteen billion dollars.