... were being replaced by automatic or semi-automatic machinery by nearly 200,000 a year in the 1920's.(Korpios) With greatly reduced operating expenses industrial magnets such as Henry Ford made millions. In one year Ford reported making 14 million dollars yet in the same year the average personal income was $750.(Gusmorino) This fire was fanned by President Coolidge who lowered the federal ... ...
... more and more products on installment, however, most American did not have the wages necessary to provide the purchasing power needed to keep the economy growing. For example, "in 1929 Henry Ford reported a personal income of $14 million in the same year the average personal income was $750." 3 Many Americans were attracted by advertisements to purchase a number of the new products like ... ...
... . Since the economy was in such good shape, many Americans could afford to purchase refrigerators, washing machines, and radios. Low-income families could afford to buy an inexpensive Model T, which Henry Ford developed in 1908. The number of passenger cars in the United States jumped from fewer then 7 million in 1919 to about 23 million in 1929. Traffic jammed the nations highways ... ...
