During the 1920s, farmers found themselves in a continuous cycle of debt. After World War I, Europe was no longer reliant on American farm products, so American farmers were overproducing for the needs of the national market. Farmers became saddled with long-term debts and a drop in crop prices. As farm incomes fell, farmers struggled to repay their loans and banks foreclosed on tens of thousands of farms.

But the issue of low wages extended beyond farm families. The wealthiest families were living on incomes greater than $10,000 a year; however, an annual income of $2,500 was viewed as necessary for a family and 60 percent of families lived on an annual income of $2,000 or less. For others, the situation was far more dire. Black sharecroppers in the South were barely surviving economically on an average wage of about $350 a year. A majority of Native Americans lived on less than $200 a year. When the stock market crashed in 1929, the majority of Americans had been struggling financially throughout the entire decade, and stock ownership was limited to a minority of American families.

Take Notes

Based on what you have read about technology and the economy, to what extent do the 1920s deserve to be known as the “Roaring ’20s”? List two to three pieces of evidence to support your position.