David Kirkpatrick

May 28, 2009

How this downturn stacks up

Filed under: Business — Tags: , , , — David Kirkpatrick @ 3:17 pm

I’ve done plenty of blogging on the financial crisis/economic downturn/recession/possible depression, and lately I’ve been pushing back a little at what I see as overly optimistic short-term outlooks.

This thing is far from over, but in the interest of fairness this chart provides a little perspective. Things are rough — as in as bad as has been seen in around fifty years — but no where near the Great Depression. And I do think the worst of bleeding has been staunched so it’s really unlikely we to those depths.

From the second link:

Six Downturns

The Great Depression was an unspeakably bad time for the U.S. economy.  I know that sounds obvious, but it seems necessary to say given all the recent rhetoric about “the worst economy since the Great Depression.”

Our economy has indeed been in terrible shape lately, with millions of families struggling with falling incomes, job losses, home foreclosures, and plummeting wealth.  The current recession is severe by any reasonable metric.  But it still pales in comparison to the Great Depression.

(Hat tip: the Daily Dish)

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