Still think that this is as bad as the Great Depression
Many of the fearmongers out there like to compare what we're going through today to what happened during the Great Depression. Obviously neither they nor myself are old enough to have lived through that horrible period, so I thought that I would share a nice chart that compares what the job losses were like back then to what they are like today:
Yes the economy is a mess.
Yes the jobs situation will continue to get worse.
Yes the headline jobless number understates the true gloominess of the jobs market.
Yes the government is propping up the jobs number by spending money that we don't have.
Yes the economic recovery will likely be much slower than the optimistic "V" shaped recovery crowd would like everyone to think.
However, to compare what we are going through today to the Great Depression is off base. Things aren't nearly as bad today as they were back then. We recovered from it and we will recover from this (even if stocks do appear a little overvalued at this level).