Is This Decade The New “Roaring 20’s?”

Will the Roaring 20’s and 2020 end in the same devastating event? Currently in school(specifically Language Arts), I am learning about the Roaring 20’s. Everything from the inventions of the time period, the shift in social/political correctness, and major growth of the economy played a major role during the decade. However, what is this devastating event that took place in the end of the Roaring 20’s, and why do some predict that our current decade will end the same way. 

The catastrophic event that occurred in the end of the Roaring 20’s was the Great Depression. The event that played a significant role in this Depression however, was none other than the Economic Crash of 1929. This economic crash  was caused by numerous things ranging from a failing agricultural sector to a large number of loans that could not be paid back, due to the new idea of credit that had been introduced at the time. 

Also, stating that the end of this decade could result in an economic crash is not too far fetched as events have proven to repeat themselves time and time again. For example from around 1880-1906, many Americans were starting to put their trust in business rather than in government. This was done by putting money in things like stocks, and avoiding losing a great deal of money with taxes, due to the lower tax rates. Then not too long after in 1907, these major companies that citizens had put a great deal of their money into had collected a massive amount of debt and had collapsed. Similarly in 2008, partially due to lower interest rates major companies in the real estate sector had collapsed. Because of this pattern that seems to take place, it is not too far -fetched when contemplating the possible crash of this decade.

Some individuals may say that this particular incident of history repeating itself in 1907 and 2008 cannot correlate to the Roaring 20’s and our current decade due to the lack of connections. The similarities are already upon us though, the Spanish Flu in 1918 that majorly affected the financial world due to the lack of working force. The Covid-19 pandemic in 2020 that severely restricted certain blue collar work that ended up once again sending shockwaves through the financial world via the stock market. Whiting Petroleum Inc was a company that was already struggling with debt entering 2020. With hopes of a good year in order to pay the debt off, what the company was actually met with was one of the worst pandemics in modern history. This lack of work force caused Whiting Petroleum Inc to go bankrupt. 

In the end, it is impossible to truly predict whether the end of our current decade will end in as devastating an event like the Economic Crash of 1929. Even though us as citizens never want to encounter such a thing, it is frightening how history always seems to repeat itself. 

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