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Assignment #3 - This essay demonstrates how damaging the economy affects people. Examples of

This essay demonstrates how damaging the economy affects people. Examp...

Course

The History of Western Political Thought (POL SCI 005)

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Los Angeles Pierce College

Academic year: 2022/2023

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Running head: Damaging the Economy 1

Damaging the Economy Jessica Tsaturyan Los Angeles Pierce College

Damaging the Economy The United States went through a severe recession known as the Great Depression in the 1930s. Nothing has transpired in decades that has had such a devastating effect on the economy. However, when COVID 19 struck, it felt as though history was repeating itself. A key similarity is the economic catastrophe that occurred between the Great Depression and Covid 19. This century's COVID 19 pandemic is the new Great Depression. The Great Depression was a time of economic hardship for the United States. Purchasing and selling stocks caused the stock market to crash. For example, “When the Great Depression was at its worst, 15 million Americans were unemployed, and almost half of the country's banks had gone bankrupt” (Onion, 2020). Earnings dropped as a result of the unemployment of many Americans. People were striving for any kind of employment that would allow them to provide for their families the pandemic, “In the previous four weeks, they have been away from work without pay and have lost money as a result of their employer's closure or loss of business owing to the coronavirus epidemic” (Tracking the covid 19, 2021). When the pandemic struck, many companies were forced to close due to the spreading of the virus. Individuals were laid off from jobs where fewer employees were needed, resulting in a rise in unemployment during the pandemic lockdown months. People needed to figure out how to support their families and remain profitable during these economic downturns. The absence of industrial production was significantly reduced throughout both economic crises. To illustrate, “During the 1930s, an increase in working-class real earnings transferred effective demand for products and services to more wealthy customers”(Industry, Effects of the

In any scenario, a high degree of stress is unhealthy for the body and can have catastrophic consequences. The Great Depression is often regarded as America's worst economic downturn. America has gone to great lengths to ensure that we are not subjected to such sufferings in the future. This pandemic, on the other hand, came out of nowhere, and the government had no idea how to deal with it since they were unprepared. When things return to normal and individuals are able to return to work or school, our lives can restart. As terrified as we are, we would have to work together to put things right.

References Coping with Stress. (2021, August 6). cdc/mentalhealth/stress-coping/cope-with-stress/index.html How is the coronavirus impacting manufacturing? (2020, March 27). Advanced Technology Services, Inc. advancedtech/blog/how-is-the-coronavirus-impacting-manufacturing/ Industry, effects of the great depression on | encyclopedia. Com. (n.). Retrieved September 15, 2021, from encyclopedia/economics/encyclopedias-almanacs-transcripts-and-maps/ industry-effects-great-depression Onion, A. (2020). Great depression history. HISTORY. history/topics/great-depression/great-depression-history The Depression Devastates People’s Lives. (n.). thompsonschools/cms/lib/CO01900772/Centricity/Domain/3627/Effects %20of%20the%20Great%20Depression Tracking the COVID-19 Economy’s Effects on Food, Housing, and Employment Hardships. (2021). Center on Budget and Policy Priorities.

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