The New Deal at Work
Today, let's start our little look at history. We've actually been here before is sort of the theme I want to develop, because I want us to put us back as if you are entering the labor force around 1930. You've just come off what we call the roaring '20s. And while you should feel better because the economy was going so well in the 1920s and profits were up and the stock market was at record levels, you probably don't feel very optimistic. Because despite all this good news, family income was falling in the 1920s as it is today. Most of the income went to the top 10%, just as it is today in our society. And then of course 1929 comes along, and we get the Great Stock Market Crash, and everything starts to fall to pieces. At that point, over the next several years, if you were entering the labor force or an existing, more mature worker, you were expected to lose between 8% to 20% percent of your income. If you got unemployed, over 25% of the labor force,...