Dwight J. Dutton (titanic) wrote,
Dwight J. Dutton
titanic

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2007=1929

Which puts us in 1931 in the comparative timeline.

The depression bottomed out in late 32 and stayed there about a year before it started slowly coming back up. And then there was a subsequent mini-depression in 1938 that could have been a repeat performance had we not suddenly employed ourselves making things to fight WW2 with.

The unemployment rate is calculated by the same standards that determined that wetlands were not being destroyed if you counted a water trap on a golf course as an adequate replacement for one.

The unemployment rate is currently reported as 7.2%, but this is completely different from how it was calculated in 1931. If you calculated it the same way, counting the people who have given up looking or are working at Burger King instead of managing the computer network at a hospital.

If you calculate it the same way now as how they did it in 1931 you get 17.5% unemployment, which equates to 1931 levels. It hit 25% about a year after that, and I think we will bottom out the same way this time. Illustrated Here
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