When doing interviews for my new book on the Great Depression, a natural question comes up: will the present crisis turn out as bad as the 1930s?
My standard answer is typical for an economist: “yes and no.” On the one hand, there were very specific reasons that unemployment broke 25 percent in 1933, and we don’t have those factors in place today. So I don’t think the official unemployment rate will get anywhere near that catastrophic level, though it could very well come in at the #2 spot in US economic history.
However, even though unemployment rates will not be as severe, I still predict that we are in store for a miserable decade of economic stagnation. FULL ARTICLE