Lifestyle Change for the Affluent after the Stock Market Crash By Cooper Fritzlen & Isaac Prost

Before the Great Crash: The Roaring 20’s ●The Roaring 20’s was a great time for the rich in American history ●The top marginal income tax for the wealthiest americans was lowered from 73% to just 25% ●In 1929 stock that 1% of americans owned was six times more expensive than in 1921

The Crash To say that the Stock Market Crash of 1929 devastated the economy is an understatement. Although reports of mass suicides in the aftermath of the crash were most likely exaggerations, many people lost their entire savings. Numerous companies were ruined. Faith in banks was destroyed.

People affected from the Crash 1) 12 million people out of work 2) 12,000 people being made unemployed every day 3) 20,000 companies had gone bankrupt 4) 1616 banks had gone bankrupt 5) 1 farmer in 20 evicted 6) 23,000 people committed suicide in one year - the highest ever

The Social Class Structure The upper classes, on the other hand, began to resent their social inferiors even more than ever. Particularly after the institution of the a number of New Deal programs which were paid for out of taxes on those who still had an income. The rich often viewed such programs as hand outs. They were further angered by the actions of President Roosevelt. These factors served to heighten class tensions between the rich and poor which were already tense over their financial futures.

Social class fighting The tension, class conflicts often became very visible and even violent, especially in cases of worker strikes. New Deal regulations helped foster significant unionization and these unions would often run into conflict with company hired police forces. Such conflicts, like the Memorial Day Massacre in Chicago, often left people dead on both sides.