Eighty years ago this week, the stock market crashed and ushered in the Great Depression. We need to apply the lessons from that era to our own to relieve the needless suffering of the Great Recession.
In just two days, between Oct. 28 and 29, 1929, the stock market plummeted by 25 percent. Between September and November of that year, the Dow Jones Industrial Average lost 40 percent of its value. By July of 1932, the Dow had lost nearly 90 percent of its value.
By then the Great Depression was raging, with unemployment rates rising to 25 percent.
To combat unemployment and alleviate poverty, the federal government engaged in a massive public works and jobs program through the Works Progress Administration (WPA).
Private markets weren't about to create jobs, and the public sector became the employer of last resort. The job creation from the WPA provided survival and sustenance for millions of American families. Where is the contemporary WPA?
How a Public Jobs Program Could Put America Back on Track
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How a Public Jobs Program Could Put America Back on Track
By Julianne Malveaux
The Progressive, November 6, 2009
Straight to the Source
