Three years after the stock market cratered in 1929, American schools suffered their own crash. School districts had managed to ride out the early years of the Great Depression; in fact, because many districts depended on property taxes, which didn’t crash as fast as income taxes, more than a few managed to increase spending.
But in the 1932–33 school year, many districts ran out of funds. With more than one in five workers unemployed, many households didn’t have the money to pay property taxes, so all of a sudden, the school boards didn’t have enough money to pay their bills. Some 2,200 schools in 11 states closed entirely—in Alabama, schools in 50 out of 67 counties shut down. Many more districts cut services or sharply reduced their hours; thousands of districts in the Midwest and South shrank the school year to fewer than 120 days.
By Megan McArdle
I had never read this before...