When unemployment was 25% in 1932-33, there were NO federal transfer payments. People really FELT unemployment, and had to line up at soup kitchens, flop houses, etc.
With all the welfare in various forms, it’s easy to believe we have 42% unemployment without visible soup kitchens, apple sellers, etc.
Productivity is so much higher now than in 1933, you don’t need as many workers, due to automation, robot factories, better production techniques, that sort of thing.
The biggest impact of unemployment now may be the moral impact on people not being gainfully employed, and the social ills that engenders, like family breakdown (or never forming).
When unemployment was 25% in 1932-33, there were NO federal transfer payments. People really FELT unemployment, and had to line up at soup kitchens, flop houses, etc.
With all the welfare in various forms, it’s easy to believe we have 42% unemployment without visible soup kitchens, apple sellers, etc.
Exactly.
I had a friend of mine a couple of years ago, after I told him this depression is worst than the great depression, ask me in a condescending way why he doesn’t see any soup lines just like the great depression. My response was just like yours. And I asked him if he had ever seen someone at the store with ebt cards. He said yes. I said, there are the soup lines, they have ebt cards, etc. He said he got it..