“Since the Great Depression” Must Die

You can’t hear a stump speech or read a blog post without someone showing the economic and historical vacuum that runs rampant — “worst crisis since the Great Depression.”

Oh, please.

The third quarter of this year was the first one with negative growth since 9/11. And that was just a contraction of 0.3 percent. Less than analysts feared. Unemployment is up only 1 percent over the past year to 6 percent. The bottom of the market seems to be in sight, which means there’s only one way to go from there. And the claim of a shrinking middle class is a myth.

Meanwhile, unemployment in the Great Depression was 25 percent in the worst years. In the Carter years, unemployment was almost 8 percent by the end of his term, inflation was 12 percent, and interest rates topped 20 percent.

Doom and gloom sells papers, but the negative perceptions from doomsday writing only exacerbates the problem. What we’re in is more like the dot-com bubble break, or maybe the market crash in 1987. Both of which we overcame most riki-tik.

Lighten up. And when you hear the media or worse, pols, selling you fear and anxiety, remember what H.L. Mencken said:

The whole aim of practical politics is to keep the populace alarmed — and hence clamorous to be led to safety — by menacing it with an endless series of hobgoblins, all of them imaginary.

Comments

  1. Frank says:

    I get so incredible tired of hearing the crap about this being the worst economy since the Depression. We are not even close. Thank you for pointing out the bleak Carter years. I wish that someone would shout this from the rooftops.