Summary: Reading Time: 2 minutesWhen studying economic inequality in America you will often come across a statistic or statement that says something to this effect: “Inequality in America is greater now than at any point in American history since the start of the Great Depression.” The inference is that Inequality before the Great Depression was huge – but then something happened. Few of these articles that I have come across ever talk too much about what happened.<br> <br> The Great Depression served as a massive reboot to the American economic system. It reshaped the nature of inequality in America. Although enormously painful for Americans at the time, the Great Depression course corrected the pathway to destruction that was being set by the sweeping inequality that existed within the American system.<br> <br> * In 1929 the top 1% of America’s rich took home 19.6% of America’s income<br> * The income of the top 0.1% was equal to the bottom 42% of Americans<br> * The roaring 20s saw massive industrial advance and growth in the stock market – but wages did not rise for workers. As a result consumer spending did not rise with the rest of the economy.<br> * There was also a massive growth of debt prior to the Great Depression as wages could not keep up with the rising standards and costs of living<br> <br> The Greatest Generation and Inequality Before the Great Depression<br> To my knowledge Tom Brokaw was the person who coined the phrase “<a href="https://www.amazon.com/gp/product/0812975294/ref=as_li_tl?ie=UTF8&tag=jbshreve-20&camp=1789&creative=9325&linkCode=as2&creativeASIN=0812975294&linkId=3cd6799bdf69d5a682189eab3126f289">The Greatest Generation</a>.” His book described the men and women who grew up in the inequality of the 1920s. They saw the great crash and the Great Depression. Unemployment rates surpassed 25% at the height of the Great Depression. Few people and homes were left untouched by this massive economic downturn over the course of the 1930s. Then, the thing that finally ended it, was World War II which the Greatest Generation fought and won.<br> This podcast episode looks at this period of history and the impact of the Greatest Generation. It also compares the inequality before the Great Depression to that which we are living in the midst of today. The story of the Greatest Generation continues in the next episode in this series as well.<br> <br> <a href="http://feeds.feedburner.com/~r/theendofhistory/PHVq/~6/1" target="_blank" rel="noopener"></a><br> <a href="https://feedburner.google.com/fb/a/headlineanimator/install?id=nb64uri41haerm5fvtnnavfgjo&w=1" target="_blank" rel="noopener">↑ Grab this Headline Animator</a><br> <br> This is part of my <a href="https://wp.me/p2iDfo-1su">Complete Guide to Understanding Inequality in America</a>. Check it out for more podcast episodes, infographics and articles and on this topic. Check out all of my<a href="http://www.theendofhistory.net/essential-guides-to-gain-a-better-understanding-of-the-world/"> expert topic guides</a> on other topics as well. <br>
