Page 9 - IP3A 007 The Great Depression of 1929 to 1939 강경민

Workers were laid off, unemployment

grew, people began spending less,

and companies went bankrupt.

Hundreds of banks, meanwhile, also

declared bankruptcy, taking with them

the savings of millions of families.

In 1929, the statistics of the Great

Depression were grim, to say the least.

The poverty line in North America, at

that time, was estimated at

approximately $1000 a year, yet the

average yearly income was less than

half of that.