The latest survey pegs U.S. unemployment at 7.6%. That’s more than three percentage points below the 1982 peak (10.8%) and not even a third of the peak in 1932 (25.2%). You simply can’t equate 7.6% unemployment with the Great Depression.
By Bradley R. Schiller
My comment: Remember when Democrats excoriated George W. Bush for supposedly “talking down the economy”? If he did talk it down for mentioning the obvious fact that the country was in a recession, what are we to call Obama’s repeated use of the words “catastrophe” and “Depression” during the current recession? Shouting down the economy?