When more and more people are thrown out of work, unemployment results

When more and more people are thrown out of work, unemployment results

During the presidency of Calvin Coolidge, the United States experienced a period of economic prosperity known as the Roaring Twenties. However, this era of growth and prosperity was not without its challenges, particularly when it came to the issue of unemployment. Coolidge's laissez-faire approach to government intervention in the economy meant that when more and more people were thrown out of work, unemployment resulted.

One of the key factors contributing to the rise in unemployment during Coolidge's presidency was the rapid industrialization and modernization of the American economy. As industries became more efficient and productive, many workers found themselves displaced by machines and automation. This led to a surplus of labor in certain sectors, which in turn drove down wages and increased competition for jobs. As a result, many workers found themselves out of work and struggling to make ends meet.

Coolidge's belief in limited government intervention meant that he was reluctant to take action to address the issue of unemployment. Instead, he believed that the free market would eventually correct itself and that the economy would naturally adjust to the changing conditions. However, this laissez-faire approach proved to be ineffective in the face of the growing unemployment crisis.

As more and more people were thrown out of work, the social and economic consequences of unemployment became increasingly apparent. Families struggled to put food on the table and pay their bills, leading to widespread poverty and hardship. The lack of government assistance meant that many unemployed workers had no safety net to fall back on, further exacerbating their financial struggles.