The
Great Depression began in August 1929, when the United States economy first went into an
economic recession. Although the country spent two months with declining
GDP, it was not until the
Wall Street Crash in October, 1929 that the effects of a declining economy were felt, and a major worldwide economic downturn ensued. The market crash marked the beginning of a decade of high unemployment, poverty, low profits,
deflation, plunging farm incomes, and lost opportunities for economic growth and personal advancement. Although
its causes are still uncertain and controversial, the net effect was a sudden and general loss of confidence in the economic future.