The Great Depression often comes to life in our minds in stark black and white. The iconic imagery, etched into our collective memory, depicts scenes of migrant farm families, anxious crowds during bank runs, lengthy food lines in urban settings, and the ragged communities of Hoovervilles. Such images are imbued with a sense of darkness, depression, and despair.

These monochrome snapshots encapsulate the grim reality of the time: a staggering 25% of the workforce was jobless, one-third of banks collapsed, and the U.S. GDP plummeted by 30%. Countless farms were lost to foreclosure. For those lucky enough to secure employment, wages had suffered a drastic reduction of over 40%. Unlike other historical downturns, the Great Depression extended painfully, lasting for more than a decade. It was the enduring nature of this crisis that compounded its hardship.

The culture of the 1930s was deeply influenced by this economic turmoil. Notably, Al Capone, troubled by the sight of “poor devils starving,” established a soup kitchen in Chicago that served 2,200 individuals each day, featuring a sign that read “Free Soup Donuts and Coffee for the Unemployed.” This gesture further cemented his Robin Hood-like image. By 1932, three years into the depression, the popular refrain of the day was Bing Crosby and Rudy Vallee’s “Brother, Can You Spare a Dime?”

Even seemingly trivial details held symbolic weight, such as the decision by the creators of Monopoly to represent the era with a ragged boot token.

Yet, from a historical perspective, the Great Depression also highlights the enduring resilience of the American spirit, even when the American Dream seems under siege. The nation’s history is marked by financial peaks and troughs. From the financial panics of the 1700s to the depressions and recessions of the 1800s and 1900s, and onward to the crises of the 2000s, economic volatility is intricately woven into the very essence of our national narrative.

Juxtaposed against this darkness, the American drive and ambition were still there. Dance contests played across the country, with contestants hoping they would be the one to dance the longest and win a cash prize. The game of Monopoly became the rage with the dream that one could make and achieve wealth. And Americans were caught up in the idea that a superhero like the Green Hornet could take on evil.

In total, we’ve had 48 recessions across 250 years, and the average has lasted 17 months. That means the US economy has been in a challenging moment around 25% of the time. Yet whenever the chips are down, our financial prosperity finds a way to bounce back. 

And The Great Depression is the Before and After in US economic life, a dark time that generated the two cornerstones for American prosperity. In those moments we learned what steps were needed to shape  American life.

The biggest lesson learned was simple: In order to survive and thrive, we need to evolve our institutions.  Social Security was created to be a social safety net. The devastating effects of the Great Depression meant that many older Americans’ savings were wiped out. One-third of them faced destitution and their only financial backstop, if there was one, was family and friends. 

While the idea of a government benefit for retirement seemed novel, it was also idea that went as far back as the Romans and modernized by the Germans in the 1880s. And unlike other government intervention, Social Security did not immediately start paying out in 1935 when FDR signed it into law. Rather, payroll taxes began being collected in 1937, with the first benefits paying out in 1940 to over 8.3 million Americans who were over age 65. Could you imagine us having the same restraint today?

But Social Security wasn’t the only institution that evolved. To this day, we still have the Tennessee Valley Authority and the National Labor Relations Board. Stronger bank and financial regulations helped protect the average American, including the creation of the FDIC to insure bank deposits and the SEC to oversee markets and prevent manipulation. 

And the government learned that intervention can make a difference. During the Covid-19 pandemic, stimulus checks, the development of the Paycheck Protection Program (PPP), and mortgage and student loan abatement programs made the difference for millions of Americans. 

There may be some who don’t agree with this level of federal intervention, but what is often missed is something very special: It is an American Superpower. Whenever there is a global crisis, other countries lag behind the United States in recovery. With the 2008 economic crisis, our economy officially exited the recession in June 2009, while Europe’s recovery dragged on for years. 

In the Great Depression, we didn’t have this power yet.  And now, we take for granted that we can pass go and collect $200, just like in Monopoly.

But the lessons of the era weren’t only economic — they were also about true leadership. One of the most surprising aspects of the Great Depression is that the man who understood finance was unable to solve it. Herbert Hoover was phenomenal with money.  In fact, he was one of our wealthiest presidents. But he had built that wealth through intelligence and bootstrapping; the Great Depression required a different approach.

The Great Depression taught us that it isn’t just financial decision making and solutions that saves us.  It is vision.

So it’s rather apt that, on the anniversary of our country, we stand again at a crossroads of financial troubles. Our citizens want to believe that the American Dream is still alive, yet the affordability crisis threatens to drown the average American. The transition to the AI age is rocky and, for many, frightening. 

What history tells us is that, like in the Great Depression, it is the right leader and the right institutional evolution that can pull us out of this crisis and salvage the American Dream.

Megan Gorman is the author of “All the Presidents’ Money: How the Men Who Governed America Governed Their Money.”

CHICAGO (WLS) — Overnight storms swept through the southern suburbs, causing severe flooding and leaving many drivers stranded in the perilous conditions.

The National Weather Service has issued a Flood Warning for Cook, Will, and Lake (Ind.) counties, active until noon on Saturday.

For a wounded police officer, the toughest day may not be when they’re hurt on duty. The real challenge might come later.

Retired Las Vegas police Lt. Randy Sutton stresses that for many, the hardest blow is the realization that time has marched on and they’ve been forgotten.

Sutton isn’t just speaking from hearsay—he’s lived it. After a debilitating stroke cut his career short, he channeled his experience into founding The Wounded Blue, a one-of-a-kind nonprofit in the United States dedicated to aiding injured and disabled law enforcement officers.

Since its inception eight years ago, The Wounded Blue has significantly impacted the lives of over 17,000 officers across the nation, offering peer support, advocacy, and vital resources to those in need.

As America celebrates its 250th birthday, Sutton hopes the nation takes time to recognize not only those who wear the badge, but also those whose service continues long after they’ve left it behind.

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“If you had asked me what I’d be doing in my retirement years after 34 years of police service, this never would’ve been in the informational packet of my own brain,” Sutton told News Media. “But fate works in very, very strange ways.”

Those twists of fate began one night while Sutton was patrolling the Las Vegas Strip.

“I literally felt my brain slowing down,” he recalled. “I stopped the car and said, ‘Get me medical. I’m having a stroke.'”

The stroke ended his law enforcement career, but Sutton said what happened after he left the hospital changed the course of his life even more.

“I lost my career,” he said. “I lost my identity.”

As he fought for his medical benefits, Sutton said he began receiving calls and messages from officers across the country sharing similar stories.

“‘Randy, I was shot in the line of duty.’ ‘Randy, I was paralyzed when my police car was struck by a drunk driver.’ One after another from cops I didn’t even know,” he said. “I realized at that point this is a national issue and there was no national resource for these men and women. So I created it.”

That organization became The Wounded Blue, whose motto, “Never Forgotten. Never Alone,” was born from Sutton’s own experience.

“Having experienced it, I came up with that motto from what it felt like to me when I did feel forgotten, when I did feel alone,” he said. “It took me to some very dark places.”

Today, The Wounded Blue’s peer support team is made up entirely of officers who have survived shootings, stabbings, devastating crashes, post-traumatic stress and other life-changing injuries.

“Our entire team is made up of cops who have been shot or stabbed or beaten or run over… and they’ve come out on the other side,” Sutton said.

Of the more than 17,000 officers the organization has helped, one story continues to stay with him.

A Utah police officer lost his leg after being struck by a tractor-trailer driven by a man under the influence of cocaine. Sutton said the officer’s department abandoned him, leaving him with a worn-out prosthetic so damaged he was “walking around on a bloody stump.”

Then came a phone call from what Sutton affectionately calls “the Voice on the Phone,” an anonymous donor who first contacted him after seeing him discuss The Wounded Blue on Fox News.

When Sutton learned a replacement prosthetic would cost more than $117,000, he called the donor.

“That man’s a hero,” Sutton recalled the donor telling him. “He deserves the best prosthetic leg money can buy.”

The generosity didn’t stop there. After learning the officer and his wife had adopted two children with special needs, Sutton said The Wounded Blue and its charitable partners completely renovated the family’s home.

“That’s The Wounded Blue,” Sutton said.

Another story still brings a smile to Sutton’s face.

A Texas police officer suffered a catastrophic spinal injury during a struggle with a suspect and endured 16 botched surgeries before doctors told him he would never walk again. Sutton said The Wounded Blue first purchased the officer a wheelchair before connecting him with a renowned spinal surgeon through the same anonymous donor.

“Three months ago, he danced with his daughter at her wedding,” Sutton said. “He’s got his life back.”

Those stories continue to fuel Sutton’s mission.

Just days before speaking with News Media, he traveled to Mississippi to spend nearly a week beside a deputy who was critically wounded after being ambushed and struck by an AK-47 round.

“My wish is that someday we’ll have the resources to go to the bedside of every cop who’s been severely injured in the line of duty,” Sutton said. “If someday we have the resources to do it, you can bet that’s where I will be.”

Beyond expanding bedside support, Sutton hopes to continue growing The Wounded Blue’s annual National Law Enforcement Survival Summit, which brings officers and their spouses together to focus on recovery, mental health and life after the job.

“It’s every aspect of surviving a law enforcement career — physically, emotionally, psychologically, spiritually,” he said.

As America celebrates its 250th birthday, Sutton hopes the country remembers that supporting those who protect their communities shouldn’t end when the headlines do.

“The men and women serving today are heroes,” he said. “They’re willing to give their lives for their communities.”

For those looking to get involved, Sutton encourages Americans to support The Wounded Blue through its “9-1-1 Campaign,” which asks supporters to donate $9.11 a month. Businesses can also partner with the nonprofit, while current and retired officers in need are encouraged to reach out directly for help.

“If you’re a law enforcement officer or have been and you’re struggling, contact us,” Sutton said. “The Wounded Blue exists for you.”

If there’s one message Sutton hopes Americans remember as they celebrate the nation’s milestone birthday, it’s one shared by the anonymous donor whose generosity has changed countless lives.

“America cares about its heroes.”