THE ECONOMY
If you look at the barest of bones, it appears that the US enjoyed enormous economic progress during the 1920s, with the national wealth more than doubling during the decade. Thanks to the Fordney-Mc Cumber Tariff Act of 1922, hefty taxes were applied to foreign imports, encouraging consumers to “buy American”, which resulted in buoyant times for domestic companies - and for businesses offering personal credit.
Mass production accelerated - most notably in the automotive industry, but also in the manufacture of electrical items and white goods - meaning there was an abundance of factory jobs, which in turn prompted mass migration to cities. Growing car ownership also fuelled the oil industry to greater riches, along with associated industries such as gas stations, motels and diners.
However, this consumerist wave came at a price. Production of household goods and the like outstripped domestic demand and the tariff wars often resulted in either manufacturing surpluses or the reduction of prices to unsustainable levels. This translated to workers being laid off and unemployment becoming rampant. Mechanisation had its effect in the fields, too, where again - over-production and declining demand plunged many workers into unemployment and deep poverty.
