And yet, the economy is not really in that bad of shape. GDP has fallen about .3% since the “depression” started more than a year ago. During the Great Depression, it fell by 33%.
Only because of the massive $1 trillion dollar borrowing by the federal government and this quarter is projected to be -5 to -7% annual rate and again in the 1st quarter. You do realize that all the borrowing is just stealing gdp from a future period?
I don’t believe one minute we will have anything nearly as bad as the GD. That being said...
Comparing stats 3-12 months after the start of this downturn (3 months after the 2008 stock market crash, 12 months after the dubious proclaimed start of the recession) to stats from 3 years or 9 years into the Great Depression (1932 or 1938 respectively) is nowhere near a valid comparison. Unemployment was lower in Dec 29 than it was in Dec 08, and GDP loss was pretty close.