Modern American financial history has seen many times of both prosperity and tough economic situations. Americans have experienced downturns like the Great Depression and several recessions. Global events can impact a nation’s finances, and they continually affect the American economy. Depending on the nature of these events, the U.S. has bounced back from low points in its economic history. For instance, the U.S. went through its worst economic period during the Great Depression of the 1920s. However, in the early 1930s, the U.S. emerged as a world superpower due to its role in WWII, which helped boost various industries, including manufacturing, military, and technology, among others.
It’s important to know about our financial history in order to recognize cycles of low and high economic impacts. Learning about these cycles of booming markets and economic downturns can help us safeguard our financial future and plan for future events. This visual image gives us a perspective of what we’ve gone through and what can be expected.
This Infographic is provided courtesy of Credit Season, a consumer finance website providing information and tools on bad credit loans and other personal credit services.