Thursday, January 01, 2009

Depression? We have no idea

During the Great Depression of 1929 to 1940 there was no waiting line at Outback Steakhouse, which we saw last week. Everyone was hungry!
What about now? Current unemployment has climbed from under 5 per cent to 7 per cent. During the real depression it was over 15 per cent for over 4 years; spend years above 20 per cent and reached 25 per cent. It didn't get below 15 per cent until World War II. FDR's takeover of the economy didn't end it, but prolonged it!
Via Carpe Diem, the blog of Prof M. J. Perry

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