Jackson Vail Mrs. Pfiefer English II, 7 th hour 3 May 2024 Economy of the 1930’s The 1930’s was a decade full of nothing but everything. There were not a lot of things individuals could buy, since the cost of essential products was so high. As well as the Great Depression hitting the world, causing so many individuals to lose their jobs and their money, even their lives. The world had to discover a way to get by with truly little money and no source of income due to the high unemployment rate. At this time, the world saw its lowest wages, its highest cost of living and the horrible Great Depression causing the world a decade worth of melancholy and struggle. On October 24th, 1929, the Great Depression began, investors began selling their stock quickly and in a mass amount because they were afraid of more major losses. On “Black Thursday” these investors kickstarted the Great Depression …show more content…
This caused other businesses to fire employees since the company was not able to produce many goods and people were not able to buy their manufactured items. While things like gas dropped from twenty-one to thirty cents a gallon all the way down to ten cents a gallon, people did not have the money to buy and sustain the living they needed. This is said by the National Archives as, “Gas may have been cheap, but they had no money since the unemployment rate was up to twenty-five percent in 1933, compared to our current three-point nine percent today.” This tells us just how poor the economy was during this time. During the Great Depression, President Herbert Hoover established the Reconstruction Finance Corporation (RFC). This Corporation was followed by the President’s Emergency Committee for Employment (PECE) which organized local relief programs and even state relief meetings. Hoover had tried to sign many things into law, yet he was criticized for almost every program he proposed. Hoover Archives states,