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We have all heard stories about the great depression and how no one had anything. People waited on long lines at soup kitchens to get a meal. Some would literally walk for 200 miles to distant cities because they heard there may be a prospect for a job. This was a common occurrence during this time.
However, just
one decade before, the country saw a massive expansion of wealth and prosperity. Along with this economic expansion came numerous jobs. People were in good spirits and things were good. These were what has been historically referred to as the roaring twenties. This small snapshot of time gives a glimpse of the economic cycle which has been repeated numerous times in the national economy and now is happening on a global scale.
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Clik here to view.as no surprise to anyone that the great depression eventually ended and once again gave rise to an era of great economic expansion and of great prosperity. Also with each new up swing in this economic cycle, the amount of property and wealth created as well as the standard of living increased from the generation prior.
However during the last 20-30 years, wage growth has slowed and along with inflation has taken its toll on working and middle class families. For the first time in the history of this country, the future generations will have less then there parents. There are many issues and perspectives that can be examined in connection with the cycles of the economy, but it just seems as though things are different this time.
What saved this country after the great depression has been argued by many. Some say it was the social programs that were instituted others have other ideas. Looking at the condition of the infrastructure of this country I'm glad they did what they did in building highways and bridges. I doubt we would even have what we have today had such a program not been created. However, I don't believe that had much to do with the economic recovery.
World War 2 played a critical from in putting this country back to work in the creation of the war machine. But more importantly was the fact the the rest of the worlds manufacturing capabilities had been destroyed leaving the United States as the only mass global supplier. This is how this country became a super power. The question is, what will it take this time to turn this economy around?
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