Page 6 - My FlipBook
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In 1930, over 20,000 companies filed for bankruptcy.
the debt they took on during the 1920s. They didn’t have money
to spend. The lack of paying customers meant reduced income
for many other businesses. They were forced to fire employees or
even declare bankruptcy. Only 3 percent of American workers
were unemployed in the late 1920s. But after the market crash,
that percentage more than tripled to 16 percent by 1931 and
continued to rise.
[ THE GREAT DEPRESSION ] 7 7
