In: Economics
What was the most pressing concern of the US, besides prohibition, in the 1920s?
Modern industries such as coal and textiles have not prospered. In 1929, when the average monthly income of New York bricklayers could be $320, coal miners earned just $103 a month. Also, in the 1920s, in reaction to American import tariffs on their products, several other countries imposed customs duties on American goods, which limited American exports.
To many American farmers, the life of the 1920s was a relentless fight against poverty. Farmers were encouraged to produce as much food as they could during World War One. They continued to do this in the 1920s until they produced more cotton and wheat than they could sell. When prices went down, many farmers were living in unhygienic conditions in tin shacks, without power or drinking water. In 1929, when the average monthly salary of a professional worker could be $140, farm workers earned just $49 a month.
People who have been wealthy in America have been incredibly
rich, but few people have shared this wealth. Just 5% of the
American population had a third of the income, while 42 % of the
population lived below the poverty line.
Before the First World War, many Americans saw their country as a
place where citizens of various nationalities, races and religions
could live in peace. The Statue of Liberty symbolized the embrace
given to the huddled masses as they reached America. There were
signs, however, that this atmosphere of tolerance was under
attack.