Knowhow-Now Article

Great Depression Timeline

In order to get a very accurate understanding of what took place in regards to the Great Depression you need to start at the very beginning. This period of time began in 1929 and lasted into 1941. There are many significant things that occurred during that span of time. In 1927 and 1928 there were economic problems developing, yet it was the stock market crash of 1929 that resulted in the start of the Great Depression in the eyes of most people.

By 1931 an estimated five million people in the United States alone had lost their jobs. At the same time many banks were closing their doors due to people not being able to repay the money that they owed. Families and businesses weren’t able to walk into the remaining banks and take out loans to get themselves by. As a result many businesses had to close their doors as well.

To add insult to injury, in 1932 taxes increased at an unbelievable rate. The more than doubled in many areas, taking more of the money that people did have access to. This lead to the common practice of people working under the table so they didn’t have to report that income and pay taxes on it. Bartering became very popular too so that people could get all the things they needed without paying taxes when they purchased it as well.

In 1934 there were some efforts by the government but they were too few and with not enough funding. They pertained to gold, crops, imports, and also wages. Yet the people had taken things into their own hands by this point. They were in survival mode and willing to do what they needed to in order to get by.

With the start of World War II in 1941, the Great Depression seemed to be coming to an end. Many of the men were off to fight in the battle and that meant their basic needs were taken care of. You also had women who were filling the jobs that the men were leaving behind. Many old factories opened up again by the government in order to make various types of supplies that were used for the war.

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