--- title: "Meaning & Key Takeaway of: When the 1929 crash wiped out disposable…" description: "\"When the 1929 crash wiped out disposable income, there were not enough consumers to fuel a recovery.\" — Heather Cox Richardson" image: "https://sms4smile.com/quotes/i/b23/heather-cox-richardson-6324_consumers_when-the-1929-crash-wiped-out-disposable_2129260.jpg" --- # When the 1929 crash wiped out disposable income, there… ![“When the 1929 crash wiped out disposable income, there were not enough consumers to fuel a recovery.” quote by Heather Cox Richardson](https://sms4smile.com/quotes/i/b23/heather-cox-richardson-6324_consumers_when-the-1929-crash-wiped-out-disposable_2129260.jpg) [Download](https://sms4smile.com/quotes/i/b23/heather-cox-richardson-6324_consumers_when-the-1929-crash-wiped-out-disposable_2129260.jpg) [Open image](https://sms4smile.com/quotes/i/b23/heather-cox-richardson-6324_consumers_when-the-1929-crash-wiped-out-disposable_2129260.jpg) > “When the 1929 crash wiped out disposable income, there were not enough consumers to fuel a recovery.” [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Economic recovery depends on consumer spending; without enough consumers, even stimulus fails. **In simple terms:** Recovery needs consumer demand; without it, economies stall. Key Takeaway Boost consumer confidence and spending to revive the economy. Themes economics history policy Mood analytical serious Type historical economic When to use this quote - government stimulus - business strategy - personal finance Key Concepts aggregate demand consumer confidence macroeconomic cycles Questions to Reflect On - How can policy stimulate both demand and supply? - What role do savings play in recovery? A Different Perspective Focusing solely on consumers ignores supply‑side solutions. ★ ★ ★ ★ ★ No ratings yet [1929 Crash](https://sms4smile.com/quotes/about/1929-crash-2557615/) [Consumers](https://sms4smile.com/quotes/about/consumers/) [Consumers Fuel](https://sms4smile.com/quotes/about/consumers-fuel-4381461/) [Disposable](https://sms4smile.com/quotes/about/disposable/) [Disposable Income](https://sms4smile.com/quotes/about/disposable-income-963779/) [Enough](https://sms4smile.com/quotes/about/enough/) [Fuel](https://sms4smile.com/quotes/about/fuel/) [Fuel Recovery](https://sms4smile.com/quotes/about/fuel-recovery-4381463/) [Income Consumers](https://sms4smile.com/quotes/about/income-consumers-4381462/) [Out](https://sms4smile.com/quotes/about/out/) ## Related quotes > [Well, it's not really the right word, but freedom is kind of a hobby with me, and I have disposable income that I'll spend…](https://sms4smile.com/quotes/penn-jillette/well-it-s-not-really-the-right-word-but-freedom-is-kind-of-a-hobby/) [Penn Jillette](https://sms4smile.com/quotes/author/penn-jillette/) > [On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates.](https://sms4smile.com/quotes/dan-schulman/on-average-an-underserved-consumer-spends-10-of-their-disposable/) [Dan Schulman](https://sms4smile.com/quotes/author/dan-schulman/) > [We cannot live without trade. A society can neither advance nor improve without excess of disposable income. This excess can only be amassed through…](https://sms4smile.com/quotes/david-mamet/we-cannot-live-without-trade-a-society-can-neither-advance-nor/) [David Mamet](https://sms4smile.com/quotes/author/david-mamet/) > [As white authors, bloggers, and readers, we must stop promoting diversity as a business opportunity or a chance to buy ally points with our…](https://sms4smile.com/quotes/jennifer-armintrout/as-white-authors-bloggers-and-readers-we-must-stop-promoting/) [Jennifer Armintrout](https://sms4smile.com/quotes/author/jennifer-armintrout/) > [How about no income tax at all on people over 65? People would continue working, remain healthier, not be an economic and social drain…](https://sms4smile.com/quotes/john-templeton/how-about-no-income-tax-at-all-on-people-over-65-people-would/) [John Templeton](https://sms4smile.com/quotes/author/john-templeton/) > [My favorite part of festival season is probably the disposable income at hand for me... I get booked for more, and I make more…](https://sms4smile.com/quotes/lil-dicky/my-favorite-part-of-festival-season-is-probably-the-disposable-income/) [Lil Dicky](https://sms4smile.com/quotes/author/lil-dicky/) > [One-third of Americans have already been forced to change their lifestyle because their disposable income is gone. A guy can't go to the corner…](https://sms4smile.com/quotes/terry-mcauliffe/one-third-of-americans-have-already-been-forced-to-change-their/) [Terry McAuliffe](https://sms4smile.com/quotes/author/terry-mcauliffe/) > [The primary driver of final consumer demand is, of course, the level of disposable income.](https://sms4smile.com/quotes/peter-dicken/the-primary-driver-of-final-consumer-demand-is-of-course-the-level-of/) [Peter Dicken](https://sms4smile.com/quotes/author/peter-dicken/) > [The first time I had disposable income, the two things I cared most about were a television and a couch.](https://sms4smile.com/quotes/seth-meyers/the-first-time-i-had-disposable-income-the-two-things-i-cared-most/) [Seth Meyers](https://sms4smile.com/quotes/author/seth-meyers/) > [After the 1929 crash, the Federal Reserve mistakenly focused its policies on preserving the gold value of the dollar rather than on stabilizing the…](https://sms4smile.com/quotes/ben-bernanke/after-the-1929-crash-the-federal-reserve-mistakenly-focused-its/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [It is critical that low-income consumers have access to alternative products and services such as rent-to-own. It gives working-class families opportunities to obtain decent…](https://sms4smile.com/quotes/william-lacy-clay-jr/it-is-critical-that-low-income-consumers-have-access-to-alternative/) [William Lacy Clay, Jr](https://sms4smile.com/quotes/author/william-lacy-clay-jr/) > [As a kid in the eighties, I didn't need much disposable income. I went to Catholic school - white shirt, plaid skirt - so…](https://sms4smile.com/quotes/gillian-flynn/as-a-kid-in-the-eighties-i-didn-t-need-much-disposable-income-i-went/) [Gillian Flynn](https://sms4smile.com/quotes/author/gillian-flynn/) > [When people are able to live at home, they have more disposable income. That part is good for the economy.](https://sms4smile.com/quotes/john-layfield/when-people-are-able-to-live-at-home-they-have-more-disposable-income/) [John Layfield](https://sms4smile.com/quotes/author/john-layfield/) > [“Though their salaries are above average even in Shanghai—which had China’s third-highest annual urban disposable income per person in 2012 at 40,000 yuan—the cost…](https://sms4smile.com/quotes/anonymous/though-their-salaries-are-above-average-even-in-shanghai-which-had/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [Never put your savings in risky investments. Only disposable income should find its way there.](https://sms4smile.com/quotes/soha-ali-khan/never-put-your-savings-in-risky-investments-only-disposable-income/) [Soha Ali Khan](https://sms4smile.com/quotes/author/soha-ali-khan/) ## More by Heather Cox Richardson > [Since 2012, the USPS has not been able to meet its prefunding requirement, but without it, the agency would have made a modest operating…](https://sms4smile.com/quotes/heather-cox-richardson/since-2012-the-usps-has-not-been-able-to-meet-its-prefunding/) [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) > [Republicans turned against organized workers and abandoned the idea of promoting equality at the bottom of the economic scale. They turned their idea of…](https://sms4smile.com/quotes/heather-cox-richardson/republicans-turned-against-organized-workers-and-abandoned-the-idea/) [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) > [Producing 1,200 words every day, when you're already working a full-time job is a lot.](https://sms4smile.com/quotes/heather-cox-richardson/producing-1-200-words-every-day-when-you-re-already-working-a-full/) [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) > [Abraham Lincoln and others recoiled from the idea of government as a prop for the rich. In organizing the Republican Party, they highlighted the…](https://sms4smile.com/quotes/heather-cox-richardson/abraham-lincoln-and-others-recoiled-from-the-idea-of-government-as-a/) [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) > [Men like Abraham Lincoln recognized that if the slaveholders were not stopped, it would only be a question of time until they spread their…](https://sms4smile.com/quotes/heather-cox-richardson/men-like-abraham-lincoln-recognized-that-if-the-slaveholders-were-not/) [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) > [The question of impeaching Donald Trump is about replacing the toxic partisanship of today's Republican party with America's traditional rule of law. It has…](https://sms4smile.com/quotes/heather-cox-richardson/the-question-of-impeaching-donald-trump-is-about-replacing-the-toxic/) [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) > [Trump's administration looks a great deal like those of the 1850s and the 1890s, with business and government so intertwined that they cannot be…](https://sms4smile.com/quotes/heather-cox-richardson/trump-s-administration-looks-a-great-deal-like-those-of-the-1850s-and/) [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) > [Trump's alliance with Russia's Vladimir Putin, in defiance of America's own intelligence community, the Department of Justice, and the bipartisan report of the Senate…](https://sms4smile.com/quotes/heather-cox-richardson/trump-s-alliance-with-russia-s-vladimir-putin-in-defiance-of-america/) [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) > [When a president, as Trump does, demonises opponents as an un-American mob trying to destroy the country, it is not a lunatic who tries…](https://sms4smile.com/quotes/heather-cox-richardson/when-a-president-as-trump-does-demonises-opponents-as-an-un-american/) [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) > [Democracy was always a gamble. In 1776, the founders rejected the old idea that government should be based on hierarchies according to wealth or…](https://sms4smile.com/quotes/heather-cox-richardson/democracy-was-always-a-gamble-in-1776-the-founders-rejected-the-old/) [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) > [Dog whistles about women who want handouts are simply an acceptable way to say that women are not worth as much as the men…](https://sms4smile.com/quotes/heather-cox-richardson/dog-whistles-about-women-who-want-handouts-are-simply-an-acceptable/) [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) > [The Treaty of Fort Laramie established most of what would later become South Dakota as a reservation, along with the Black Hills. But the…](https://sms4smile.com/quotes/heather-cox-richardson/the-treaty-of-fort-laramie-established-most-of-what-would-later/) [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) > [Under Ronald Reagan, hatred of the liberal media took on a storybook quality. Reagan had honed his political skills as a spokesman for General…](https://sms4smile.com/quotes/heather-cox-richardson/under-ronald-reagan-hatred-of-the-liberal-media-took-on-a-storybook/) [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) > [Beginning in 1981, when government policies began to undermine the liberal consensus of the previous generation, wealth began to diverge. It is more unevenly…](https://sms4smile.com/quotes/heather-cox-richardson/beginning-in-1981-when-government-policies-began-to-undermine-the/) [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) > [Mt. Rushmore was conceived in 1923 in a desperate attempt to draw tourist dollars to a state that had been rushed into the Union…](https://sms4smile.com/quotes/heather-cox-richardson/mt-rushmore-was-conceived-in-1923-in-a-desperate-attempt-to-draw/) [Heather Cox Richardson](https://sms4smile.com/quotes/author/heather-cox-richardson/) [Explore all 99 Heather Cox Richardson quotes ](https://sms4smile.com/quotes/author/heather-cox-richardson/) ## More Consumers quotes > [One of the worst things to come out of the Consumer Protection Board's misleading claims is the impression that government resources are to hard…](https://sms4smile.com/quotes/matthew-lesko/one-of-the-worst-things-to-come-out-of-the-consumer-protection-board/) [Matthew Lesko](https://sms4smile.com/quotes/author/matthew-lesko/) > [Eventually the consumer will come to appreciate the editorial point of view of every different brand. User-generated content without editorial oversight will simply be…](https://sms4smile.com/quotes/michael-eisner/eventually-the-consumer-will-come-to-appreciate-the-editorial-point/) [Michael Eisner](https://sms4smile.com/quotes/author/michael-eisner/) > [I've always considered making it legal for Americans to import their prescription drugs a free-trade issue. Imports create competition and keep domestic industry more…](https://sms4smile.com/quotes/chuck-grassley/i-ve-always-considered-making-it-legal-for-americans-to-import-their/) [Chuck Grassley](https://sms4smile.com/quotes/author/chuck-grassley/) > [“In a world where consumers had limited choice, you needed to compete for locations,” says Ross, who went on to cofound eCommera, a British…](https://sms4smile.com/quotes/brad-stone/in-a-world-where-consumers-had-limited-choice-you-needed-to-compete/) [Brad Stone](https://sms4smile.com/quotes/author/brad-stone/) > [The capitalistic social order, therefore, is an economic democracy in the strictest sense of the word. In the last analysis, all decisions are dependent…](https://sms4smile.com/quotes/ludwig-von-mises/the-capitalistic-social-order-therefore-is-an-economic-democracy-in/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [A brand is no longer what we tell the consumer it is it is what consumers tell each other it is. - Scott Cook,…](https://sms4smile.com/quotes/scott-cook/a-brand-is-no-longer-what-we-tell-the-consumer-it-is-it-is-what/) [Scott Cook](https://sms4smile.com/quotes/author/scott-cook/) > [Now that I'm more middle class, I have access to consumer goods. I do enjoy feminine frippery, feminine doo-da, stuff like that.](https://sms4smile.com/quotes/shirley-geok-lin-lim/now-that-i-m-more-middle-class-i-have-access-to-consumer-goods-i-do/) [Shirley Geok-lin Lim](https://sms4smile.com/quotes/author/shirley-geok-lin-lim/) > [Why is Caterpillar bad if we create a new job in India or China to receive U.S. exports? It makes no sense to me.…](https://sms4smile.com/quotes/douglas-r-oberhelman/why-is-caterpillar-bad-if-we-create-a-new-job-in-india-or-china-to/) [Douglas R. Oberhelman](https://sms4smile.com/quotes/author/douglas-r-oberhelman/) > [America always put forth this phony melting pot theory, but it's a reality now. They couldn't accomplish the melting pot economically; they couldn't accomplish…](https://sms4smile.com/quotes/russell-means/america-always-put-forth-this-phony-melting-pot-theory-but-it-s-a/) [Russell Means](https://sms4smile.com/quotes/author/russell-means/) > [Gaming provides us with some very good signals about consumers and what they're interested in.](https://sms4smile.com/quotes/peggy-johnson/gaming-provides-us-with-some-very-good-signals-about-consumers-and/) [Peggy Johnson](https://sms4smile.com/quotes/author/peggy-johnson/) > [As consumers adopt crypto, we hope that they'll also be interested in trading equities and options.](https://sms4smile.com/quotes/baiju-bhatt/as-consumers-adopt-crypto-we-hope-that-they-ll-also-be-interested-in/) [Baiju Bhatt](https://sms4smile.com/quotes/author/baiju-bhatt/) > [Metaphor isn't just a fancy turn of speech. It shapes our thoughts and feelings, reaches out to grasp new experience, and even binds our…](https://sms4smile.com/quotes/james-richardson/metaphor-isn-t-just-a-fancy-turn-of-speech-it-shapes-our-thoughts-and/) [James Richardson](https://sms4smile.com/quotes/author/james-richardson/) > [Consumer wants can have bizarre, frivolous, or even immoral origins, and an admirable case can still be made for a society that seeks to…](https://sms4smile.com/quotes/john-kenneth-galbraith/consumer-wants-can-have-bizarre-frivolous-or-even-immoral-origins-and/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [Many of us are alarmed at the skyrocketing cost of medical care, including patients, who are the consumers. However, medical malpractice is not the…](https://sms4smile.com/quotes/joe-baca/many-of-us-are-alarmed-at-the-skyrocketing-cost-of-medical-care/) [Joe Baca](https://sms4smile.com/quotes/author/joe-baca/) > [TARIFF, n. A scale of taxes on imports, designed to protect the domestic producer against the greed of his consumer.](https://sms4smile.com/quotes/ambrose-bierce/tariff-n-a-scale-of-taxes-on-imports-designed-to-protect-the-domestic/) [Ambrose Bierce](https://sms4smile.com/quotes/author/ambrose-bierce/) [Browse all 1,606 Consumers quotes ](https://sms4smile.com/quotes/about/consumers/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "When the 1929 crash wiped out disposable income, there were not enough consumers to fuel a recovery.", "creator": { "@type": "Person", "name": "Heather Cox Richardson" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/heather-cox-richardson/when-the-1929-crash-wiped-out-disposable-income-there-were-not-enough/", "about": { "@type": "Thing", "name": "Consumers" }, "@id": "https://sms4smile.com/quotes/heather-cox-richardson/when-the-1929-crash-wiped-out-disposable-income-there-were-not-enough/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/b23/heather-cox-richardson-6324_consumers_when-the-1929-crash-wiped-out-disposable_2129260.jpg", "contentUrl": "https://sms4smile.com/quotes/i/b23/heather-cox-richardson-6324_consumers_when-the-1929-crash-wiped-out-disposable_2129260.jpg", "url": "https://sms4smile.com/quotes/i/b23/heather-cox-richardson-6324_consumers_when-the-1929-crash-wiped-out-disposable_2129260.jpg", "width": 1080, "height": 1080, "caption": "“When the 1929 crash wiped out disposable income, there were not enough consumers to fuel a recovery.” — Heather Cox Richardson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Heather Cox Richardson", "item": "https://sms4smile.com/quotes/author/heather-cox-richardson/" }, { "@type": "ListItem", "position": 4, "name": "When the 1929 crash wiped out...", "item": "https://sms4smile.com/quotes/heather-cox-richardson/when-the-1929-crash-wiped-out-disposable-income-there-were-not-enough/" } ], "@id": "https://sms4smile.com/quotes/heather-cox-richardson/when-the-1929-crash-wiped-out-disposable-income-there-were-not-enough/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```