[yongin]

As bad as things are right now, the economy was in worse shape in the mid 70s and early 80s. Unemployment was at 10% in 1982. When we reach 10% unemployment, then the Messiah’s favorabilities will decline. A lot of the young Messiah worshippers don’t think about retirement funds. However when they can’t find jobs, then they will think twice about worshipping him.

[LS]

Yes, unemployment (and inflation) were both much worse in the late 1970s. But the debt as a share of GNP was nowhere close; SS and Medicare, while underfunded in the long run, were not yet bankrupt; and while companies such as GM and Chrysler were struggling, they were still close to the top. Much has changed, though.

The banking system cannot survive as is: we will either have to deregulate or nationalize; GM, Ford, and Chrysler must be allowed to collapse and be broken up into smaller, leaner competitors; the mortgage industry is still going to get a massive round of defaults after people who CAN pay say "No" based on the fact that they expect bailouts; and so on.

The expectations were different, too. In 1970, it was still believed that people should work for their income; that government only acted as a last resort for national security (Chrysler, Lockheed); and that the goal was a balanced budget. None of those are true today.