Is Unemployment the Worst Since the Great Depression?

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Is Unemployment the Worst Since the Great Depression?

The "Great Recession" is the name that has stuck for the economic decline that began in late 2007. But there's some reason to think that using the word recession is being kind.


The U.S. gross domestic product has shrunk 3.9 percent in the past year, the worst drop since the Great Depression. Plenty of observers are willing to say that this recession is much deeper than anything we've seen since the 1930s--including the big dip in the early 1980s, generally accepted as the other candidate for the worst recession since the Great Depression. "I think it's way worse today," says Ridgely Evers of Tapit Partners, a longtime entrepreneur and venture capitalist who founded the software company Netbooks (now known as WorkingPoint). In the recession of 1981 and 1982, "people recognized it as a dip. [Today,] nobody thinks we are going to come back out in relatively short order." This recession seems to have dragged on longer. According to the National Bureau of Economic Research (NBER), the U.S. economy was in recession from July 1981 to November 1982--16 months. But the current recession started in December 2007, says the NBER, so it's already longer than the last big one.

http://news.yahoo.com/s/usnews/20090827/ts_usnews/isunemploymenttheworstsincethegreatdepression
 
shit, you;'re right. Fuck Obama!!!

I don't know why I haven't spent the last decade voting for Palin/McCain/Bush/Cheney, like you did. :mad: I suck!
 
I expect that in terms of the number of unemployed we have more unemployed now than during the great depression. Remember percentage of pop then vs now.
 
Yurt said:
Is Unemployment the Worst Since the Great Depression?

The "Great Recession" is the name that has stuck for the economic decline that began in late 2007. But there's some reason to think that using the word recession is being kind.


The U.S. gross domestic product has shrunk 3.9 percent in the past year, the worst drop since the Great Depression. Plenty of observers are willing to say that this recession is much deeper than anything we've seen since the 1930s--including the big dip in the early 1980s, generally accepted as the other candidate for the worst recession since the Great Depression. "I think it's way worse today," says Ridgely Evers of Tapit Partners, a longtime entrepreneur and venture capitalist who founded the software company Netbooks (now known as WorkingPoint). In the recession of 1981 and 1982, "people recognized it as a dip. [Today,] nobody thinks we are going to come back out in relatively short order." This recession seems to have dragged on longer. According to the National Bureau of Economic Research (NBER), the U.S. economy was in recession from July 1981 to November 1982--16 months. But the current recession started in December 2007, says the NBER, so it's already longer than the last big one.

http://news.yahoo.com/s/usnews/20090827/ts_usnews/isunemploymenttheworstsincethegreatdepression
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...and it will be longer since Obama meddled in it. The real unemployment rate now is 16%.
 
PostmodernProphet said:
this is why liberals ought not be allowed to run a country.....
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Ah...but liberals ARE running the country. And new job claims are lower than expected this month, and the GDP is higher than expected.

PMP's worst nightmare: Obama's plans might actually be working.

If McCain had won, and the "conservative" ideas of more tax cuts and cutting spending had been implemented, I have little doubt that we'd be in worse shape. There were very few economists who endorsed that.
 
Onceler said:
Ah...but liberals ARE running the country. And new job claims are lower than expected this month, and the GDP is higher than expected.

PMP's worst nightmare: Obama's plans might actually be working.

If McCain had won, and the "conservative" ideas of more tax cuts and cutting spending had been implemented, I have little doubt that we'd be in worse shape. There were very few economists who endorsed that.
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You're deranged.
 
Onceler said:
Ah...but liberals ARE running the country. And new job claims are lower than expected this month, and the GDP is higher than expected.

PMP's worst nightmare: Obama's plans might actually be working.

If McCain had won, and the "conservative" ideas of more tax cuts and cutting spending had been implemented, I have little doubt that we'd be in worse shape. There were very few economists who endorsed that.
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Not that I'm an economic expert, but I think we're in for high unemployment for quite some time. And I think Obama is fucking up by, evidently, not aggressively making fundamental regulatory reforms to our financial systems and trade policy.

That said, it's pretty obvious that economic stimulus and (oh my God!) government intervention prevented another republican great depression. Man, it was only six months ago when economic consensus was that we were on the verge of a major economic meltdown.

So, I concur. The McCain, Palin, and Bush policies might well have driven us into a second great Republican depression. The last thing we needed was another Hoover.

And I predict, that in a matter of months, the new GOP talking point was that Obama got lucky, and the recovery was just a simple matter of free markets and normal business cycles.
 
SmarterThanYou said:
did anybody vote for stalin? don't think so.
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No one actually did, unless there was a write-in I don't know about, but I'm pretty sure that if the choices were just Obama and Stalin, and you had to vote for one or the other, meme would have gone for the latter.

Maybe Glen Beck, too...
 
The worst hit sector is construction, which was in a huge boom due to the federal policy of making it as easy as possible to own a home, even if you couldn't afford it. My business is closely tied into this sector and during this bust period the general consensus is that we're down by 50% or so.
 
Southern Man said:
The worst hit sector is construction, which was in a huge boom due to the federal policy of making it as easy as possible to own a home, even if you couldn't afford it. My business is closely tied into this sector and during this bust period the general consensus is that we're down by 50% or so.
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It'll get worse before it gets better. The foreclosure crisis has zero signs of dissipating and will, in fact, get worse. Good luck to you.

You may want to drop your congresscritter a line and let her or him know that allowing bankruptcy judges to modify primary residence mortgages is one of the few things that will help the foreclosure crisis. Otherwise, you're going to be in for quite a ride.
 
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