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There is doom and gloom everywhere.
Let me be candid, we are living scary times. I’m not refusing that. However, we ARE NOT facing anything like The Great Depression. I wish you’d get out of that line and realize that we’re in a different time.
Don’t believe me? Here are the facts.
Unemployment is currently 6.1% (source: US Department of Labor). I know, not sexy. Still….
During The Great Depression, unemployment peaked at 25%. Wow! Even towards the end of the 1930’s unemployment was about 15%.
Now, wouldn’t you agree that we have quite some way to go before things get to that point?
If you want my opinion (not like you have much of a choice, huh?).. I think things will get worse before they get better. In some sectors of the economy, much worse. However, this is not a Great Depression.
More interesting statistics to follow in the future… But seriously - Stop saying it’s The Great Depression. It’s not.