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#3663 - largenintimidating (07/09/2012) [-]
It's impossible to tune into a debate on teh economy by politicians without hearing about unemployment being "unbelievably high" for the fourth year of a recession, and that this is the "slowest recovery in US history".   
   
>mfw Unemployment never went below 12% from 1931-40
It's impossible to tune into a debate on teh economy by politicians without hearing about unemployment being "unbelievably high" for the fourth year of a recession, and that this is the "slowest recovery in US history".

>mfw Unemployment never went below 12% from 1931-40
User avatar #3670 to #3663 - reaganomix (07/09/2012) [-]
After the 1929 Stock Market Crash unemployment went above 9% during the first month. Afterwards, the economy started to improve and it would eventually become ~6%. Then the government intervened in the economy by passing the Smoot-Hawley Tariff which thousands of economist wanted Hoover not to enact.

6 months after the intervention, unemployment soared into double digits and stayed there for the remainder of the decade.
#3677 to #3670 - largenintimidating (07/09/2012) [-]
So Smoot-Hawley was one of the worst pieces of legislation ever passed. I'm not trying to argue that government intervention in the economy is good; it can definitely be an incredibly bad thing if done wrong (see Smoot-Hawley). I'm just trying to point out that this recession isn't as bad as it's made out to be.

The sad truth is that this is just the Western world paying for the abnormally good economies of 1945-2007 that made us overconfident enough to think that the government could bail our asses out of everything from unemployment to old age. In the last 75 years, the Baby Boomers have created, through their own actions and their sheer existence, a model of government that can only survive in economic conditions that are way better than normal. Now the correction is happening, and we're starting to see why the welfare state,a s it currently operates, can't live in a normal economy.
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