What affects did the great depression have on the future today?

Question

What affects did the great depression have on the future today?

Answer 1

more taxes

more things to worry about.

   and obviously not very much , because we are making the same mistakes again.

Answer 2

1) Created the welfare state. (thru FDR's New Deal)

2) Established the principle that the government should interfere in the free market, whenever there was a problem.

3) Created regulations preventing such a collapse again.

4) Created a severely uptight/nervous generation of people, who are this way because of the constant anxiety over losing your job when they grew up.  (Compare your parents to your grandparents...You'll find the differences aren't ONLY because they're older.)

5) A lot of modern-day pastimes began, such as board games, and crossword puzzles.

6)The movie industry really took off.  (People not working had much spare time, they'd go to a 5-cent movie.  You got a main feature, a cartoon, and a newsreel in the deal.)

Answer 3

It gave us an example of how we are going to be very soon if things, as in 'political' & 'corporate America', do not change for the better!

Answer 4

More economic safeguards put in place to prevent disaster of the Great Depression

Answer 5

welfare and ALOT more taxes

Answer 6

I don't usually correct spelling, but I will this time.  "Affect" is generally a verb (although there's an exception; it's a noun when you are describing someone's demeanor) and "effect" is generally a noun (except when it means "to cause").  No one ever explained this to me and I was probably about 20 when I finally looked it up myself.

The Great Depression's primary effect on the future was indirect, in that it lead to the New Deal programs.  Under Roosevelt's New Deal, there were a number of programs designed to give relief to the poor.  These programs were mostly intended to be short-term.  There were also programs which were intended to reform the financial system, in that banks were insured by the federal government, and closing down the banks in order to restructure the entire system.  There were also programs that were supposed to bring about recovery from the depression, including agricultural projects and the repeal of prohibition.

There are many New Deal programs still with us today.  The FDIC, the Tennessee Valley Authority, the Social Security Administration, and the Federal Housing Administration all have their beginnings in the New Deal.

And how did we pay for all of it?  By increasing the federal tax rate and by deficit spending.  

Federal taxes had been around off and on since 1894; in 1916 the 16th amendment to the Constitution was passed and the feds began collecting in earnest, but only the very wealthiest Americans had to pay anything.  Beginning with the stock market crash, the economy shrank, and tax revenues went way down.  The tax system was reformed so that more Americans had to pay (but everybody paid less, so maybe that was good).  At the same time, the new programs plus military preparedness were very expensive, so the government started going into debt.  Which is pretty much where we've been ever since.

Today the national debt is approaching $10 trillion.  This breaks out to nearly $32,000 per American.  If you think about it too much, it will keep you up at night.