The Panic of 1893 was the worst in the United States since the economic crisis of 1873. The crisis was due, just like twenty years before, that in addition to declining purchasing power in agriculture, the good times of the railways came to an abrupt end, and large stock expansions in this industry did not meet the needs of the companies. assets or opportunities for earnings, which led to a number of economic crashes among railroads as well as banks and other finance companies. Finally, large silver finds in Australia meant that the silver stock that the government had accumulated over the years was nowhere near the value for which it was purchased.
The effect was a depression that was not experienced again until the crash in 1929, and it lasted about five years if one is to use the unemployment rate as a target.
In addition to giving retirees money, Social Security was "<span>requiring retirees to spend their money in the US." which of course spurred the economy. </span>
