A Little Recession Perspective
June 2, 2009
The economy would have to fall much, much further than economic forecasters expect for the losses to come anywhere near those experienced in the Great Depression.
And then we get to see this graph, which is a fantastic way of trying to put things in perspective.
I try to keep this graph in my head whenever people talk about “the worst economy since the Great Depression” and especially when they talk about how crisis requires the government to spend enormous amounts of money.
The difference between this economy and the economy of the Great Depression is nearly the difference between a day trip from New York City to Washington DC and a cross country trip from New York City to LA.