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Nearly 9,000 banks closed. Unemployment rose to 25 percent. Whoever wasn't out of work suffered from wage cuts. U.S gross gross domestic product fell by almost half.
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The government began to increase interest from 3.5% to 5%. Many believe this to be the cause of the recession. Since interest rates were increasing and people were losing money, they had a hard time making mortgage payments which then caused them to lose their homes.
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Nearly 9,000 banks closed in 1930. The banks held deposits and everyday people lost their money and savings.
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The Social Sercuity Act was a milestone in the welfare state. The Social Sercuity Act covered three areas: old-age pensions for workers, a joint federal-state system of compensation for unemployed workerd and a program of payments to widowed mothers, the blind, deaf, and disabled. The Social Sercuity Act became one of the most popular government programs.
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