Economists: Don"t despair, Depression not knocking (sky is NOT falling)

Chicago Tribune ^ | By Mary Ellen Podmolik and Mike Hughlett

[Tempest]

Is there any possibility of repeating a period in history when the nation's jobless rate reached 25 percent and economic output fell by one-third, as it did during the Depression?

"Zero, just zero," said Kenneth Rogoff, a Harvard University economics professor. "Ten percent, that could happen. If we got to 10 percent, that would be pretty spectacular for the U.S. But it would take a lot of mistakes (by Congress) for a long time . . . if Congress takes the ball and it fumbles."

[Tempest]

[Darkwolf377]

if Congress takes the ball and it fumbles."

AWESOME! I mean, what's the chance of THAT happening???

Oh...

[durasell]

Deceptive number — what region is the 10% concentrated and what happens to wages?

[autumnraine]

At the rate it’s going, it’s looking like the Southeast.

[tcostell]

With all the financial services job loss, if it doesn’t hit %10 in New Jersey I’ll eat my hat.

[EVO X]

Deceptive number — what region is the 10% concentrated and what happens to wages?

I thought the Midwest was going to be able to escape a real nasty recession, but it is looking more and more like this won't be the case.

But there is nothing to fear in Illinois. Unemployment insurance is just a cell phone call and a smile away..

Unemployment Insurance