Lessons from the Great Depression

Posted on Monday, October 12, 2009 at 6:03 pm

christina-d-romer.jpgChristina D. Romer: [T]hough the current recession is unquestionably severe, it pales in comparison with what our parents and grandparents experienced in the 1930s. Last Friday’s employment report showed that unemployment in the United States has reached 8.1%–a terrible number that signifies a devastating tragedy for millions of American families. But, at its worst, unemployment in the 1930s reached nearly 25%. And, that quarter of American workers had painfully few of the social safety nets that today help families maintain at least the essentials of life during unemployment. See here. (HT: EconLog)