Despite the rhetoric from Washington, we were never close to 25% unemployment.Day after day, economists, politicians and journalists repeat the trope that the current recession is the worst since the Great Depression…The facts we face today are very different than the grim reality Americans confronted between 1929 and 1932. True, this recession is not over. But it would have to get improbably worse before it came close to the 42-month duration of the Great Depression, or the 25% unemployment rate in 1932…The current recession is also much less severe than the 1937-38 Depression. A more accurate comparison is to the 1973-75 recession. Today’s recession is as deep and most likely won’t be much longer than the one we experienced some three decades ago.
By Allan H. Meltzer, August 31, 2009, WSJ Opinion
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