- The Great Depression was the worst economic crisis in US history, when unemployment reached 25%.
- When the pandemic hit in 2020, Americans hadn’t felt that level of economic tragedy in nearly a century.
- These photos reveal what life looked like in the bleak 1930s after the stock market crashed.
The Great Depression was the worst economic tragedy in American history, resulting in skyrocketing rates of unemployment, hunger, and desperation.
Following a period of booming prosperity in the 1920s, the Great Depression began when the US stock market crashed in 1929.
The unemployment rate jumped at a shocking speed. From 1929 to 1930, unemployment rose from fewer than 3 million to 4 million. In 1931, it doubled to 8 million, and by 1932, unemployment levels reached a staggering 12.5 million.
By that year, one out of every four US workers were unemployed. Thousands of Americans lost their homes, and hundreds of thousands attempted to travel through the country on foot or by boxcar to find work.
Those who were fortunate enough to remain working often suffered large pay cuts and decreased hours. By 1932, 75% of all remaining workers were on a part-time schedule
Families who were unable to pay rent were frequently evicted from their homes, and vagrants looking for work on public trains were kicked to the curb.
The struggle for money became so desperate that families across the country often lived in crowded shacks, while some inhabited caves or sewer pipes.
During the winters of 1932 and 1933, an estimated 1.2 million Americans were homeless. The population of the US at that time was about 125 million.
In an effort to save money, families planted their own gardens, canned foods, bought old bread, sought out soup kitchens, and stopped buying common items like milk. Many also sacrificed medical and dental care because they couldn’t afford it.
The Depression also had a negative impact on family life. Many couples delayed their marriage or postponed having children. Throughout the decade, separation rates grew, and by 1940 there were 1.5 million American women living apart from their husbands.
Source: University of Houston
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SO What’s solution and how to protect your hard-earned money if something like this to happen in future.
No one can predict future but to protect my assets and so for my clients ,I highly advise them to do IUL, Its called Index universal life insurance. With this, if stock market crash then our gains get locked and we dont loose money. Its directly proportional to heath ,age and death benefit.
IRS rule 7702, (IRS code 7702 is a section of the U.S. tax code that defines what qualifies as a life insurance contract and how its proceeds are taxed12. The code sets financial limits on how life insurance policies must be designed to receive their tax benefits. Policies that do not meet the criteria are not considered life insurance and are taxed as ordinary income12.) helps to allow withdrawals from IUL as loan, and loans are never taxed so it gives many advantages, thus making it magical product. I highly recommend every one to see it atleast one.
See more pictures at this link
Send me information and I will do zoom session to show and share one with you .
