How It Crashed
Due to the decrease in taxes, an imbalance in wealth distribution was formed. In 1929, 0.1% of the richest Americans owned as much money as the bottom 42%. The economy became unstable, which resulted in the Great Crash of 1929, and later on, the Great Depression. However by this time, most wealthy and middle class families had already purchased new technologies like the Washing Machine, or the Model T Ford, which were previously only affordable by the wealthy.
The economy back then is much better than today, as currently we are in a recession. However, inflation causes one dollar in the 1920s to be worth twelve to thirteen dollars today, depending on the year.
To the left is a newspaper broadcasting the Crash of 1929.
The economy back then is much better than today, as currently we are in a recession. However, inflation causes one dollar in the 1920s to be worth twelve to thirteen dollars today, depending on the year.
To the left is a newspaper broadcasting the Crash of 1929.