The Great Depression hit so hard because it was a perfect storm of economic factors. In the years leading up to the depression, there was a period of economic growth and prosperity known as the Roaring Twenties. During this time, there was a lot of speculation in the stock market and a boom in consumer spending. However, this growth was unsustainable, and when the stock market crashed in 1929, it triggered a chain reaction that led to a severe economic downturn.
One major factor that contributed to the severity of the Great Depression was the lack of intervention by the United States Government in the early years of the crisis. At the time, there was a prevailing belief in laissez-faire economics, which held that the government should not interfere in the free market. President Herbert Hoover, who was in office at the start of the depression, believed that the economy would eventually correct itself and did not want to intervene.
As a result, there was no significant government intervention until the administration of President Franklin D. Roosevelt, who took office in 1933. Roosevelt implemented a series of programs and policies known as the New Deal, which included measures such as the creation of the Federal Deposit Insurance Corporation (FDIC) to protect depositors in banks, the establishment of Social Security to provide a safety net for the elderly and disabled, and the creation of the Civilian Conservation Corps to provide jobs and stimulate economic growth.
In summary, the Great Depression hit so hard due to a combination of factors, including the unsustainable economic growth of the Roaring Twenties, the stock market crash of 1929, and the lack of government intervention in the early years of the crisis. It was only after the implementation of the New Deal by President Roosevelt that the government began to take significant action to address the economic downturn.