Is 2008 the next great economic disaster – the biggest crisis in 70 years? I’ll let you decide for yourself.
Facts in support of the economic disaster:
- The media and elected officials are talking about it a lot. (Most Americans say media making crisis worse).
Facts in opposition to the economic disaster:
- US bank failures in 2008: 25.
US bank failures between 1980 and 1994: nearly 3,000
(source: Carpe Diem)
- Unemployment rate, November 2008: 6.7%
Unemployment rate, July 2009 (forecast): 7.6%
Average unemployment rate, 1929 to 1941: 16%
- Gross Domestic Product, 3Q 2008 (change from prior quarter): –0.5%
Overall GDP growth, Oct 2008 to June 2009 (forecast): +0.1%
Annual GDP growth, 1970-2007: 3.01% per year
Annual GDP growth, 1929 to 1933: -7.325% per year (the heart of the Great Depression)