In 1929 and 2007 our nation was at it’s weakest point. 1929 the stock markets crashed, which was just the start of the “Great Depression.” In 2007 the global financial crisis struck which was the start of the “Great Recession.” The two economic crises have many comparisons and contrast during these times. Both crises had high rates of unemployment, falling income, and both had many deals to help bring the rates down.
The Great Depression had a great impact on farmers. The deals that were made had a big role in helping the economy.
The Great Depression first begin in 1929. We had a population of 88,010,000.
The great depression “was a fanatical and industrial slump”. 1,550,000 people were unemployed. During the first three years of the depression …show more content…
Falling income was also a big issue, the U.S. Government had more money than it needed to pay for services it provided. The government debt shrunk from 24 billion to around 17 billion. Farming was most affected by the falling income, the price that farmers could get for their crops fell dramatically. A bushel of corn before the war was sold for $10 after the war it was sold for $2. The cost of land increased too. That meant farmers could not afford to buy more land. During the recession, many people lost their jobs, or was in the process of getting a new job.
At the time of the recession, Obama came into office. After a while, being in office and working with Congress and the Administration, we passed the American Recovery and Reinvestment Act. The Recovery Act was passed on February 13, 2009. During the great depression president Franklin Roosevelt took office in 1933. After a few months of being in office, he started the “New Deal”. The new deal idea we for the next eight years the government had series of experimental projects and programs.
Hopefully in the future our nation doesn’t have another depression as bad as the first one. The depression and recession are so similar but also so