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Depression / 1932 vs. 1970 #479180

NBC Evening News for Wednesday, Sep 04, 1974
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(Studio) Depression now wouldn't be like 1932, 12 million unemployed in 1932. 5000 banks failed. 110,000 businesses failed. Wages dropped 55%. 1 of 4 got relief. Farm prices hit bottom. In 1929, 4% of gross national product spent on health, ed. and welfare; 18% in 1973. In contrast, now have national unemployment ins., federal bank-account insurance, federal mortgage insurance, Social Security, collective bargaining, and farm price supports. Safeguards in system.
REPORTER: John Chancellor

Chancellor, John

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