Wednesday, May 27, 2009

Why they Call it "The Great Depression"

Fire of Liberty

I know that the MSM, President Obama, politicians, and talking heads seem to find the time to say the we're in "the worst economy since the Great Depression," but I wish they'd take some time and look at some economic facts before they imply that our economic rough patch is anywhere near the horrific economic times of the 1930's. Someone who has taken the time to provide such facts in perspective is economist Donald Marron(formerly of the President's Council of Economic Advisers). In a well organized chart(see below), Marron points out the small declines in previous recessions going back to 1929/33 and one can clearly see from the declines in GDP that no economic downturn so far in breaks a sweat compared to the declines during the Great Depression. Here's a look:


*Hat tip to David Marron at

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