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Friday, April 17, 2009

Depressed Much?

So, you think the economy is bad today? Think this generation can "feel the pain" of their grandparents/great grandparents suffering during The Great Depression?

Think again.

According to a recent article in The News & Observer, Not Your Grandfather's Depression,
"it is at this point dangerous to link [today with the Great Depression] too quickly or too closely, for today's economic problems, however serious, pale in comparison to those the U.S. experienced in the 1930s."
Take a look at this chart gleaned from the data in that article:

Measure

Now

Then

Duration

17 months to date

12 years

Gross Domestic Product

Slight fall

30% drop between 1929 and 1933

Unemployment

8.5%

25%

Living Beneath Poverty Line

>13%

51%

Bank Failures

50

5,755

Mortgages in default or one month behind

10%

43%-54%


Still think we've got it rough?

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