To Employees of the U.S. Media:
We have NOT arrived at the doorstep of the Great Depression--the statistics do not compare.
Yes, the world-wide nature of the current, serious recession is the same, but for different
reasons; yes, banks are involved, but again, the causative factors differ greatly.
(1) As of April, 2009, unemployment in the U.S. has not even reached 10%, whereas in the
1930's, ONE out of FOUR were unemployed.
(2) FDR closed more banks, and for longer, than we see now; again, the causes were different.
(3) The U.S. is not experiencing a Dust Bowl, which seriously complicated our economy
in that long past era.
The last recession that meaningfully compares to 2008-2009 was 1979-1982, when national jobless rates rose to 10% on average, with places like Peoria, Illinois quoting 18%.
But certain panic-peddling pundits all around the media have badly frightened the public with erroneous warnings. I believe this phenomenon has actually contributed to unemployment! For
months we were told we were about to return to those desperate days in the '30's. TV commentators described panic and more doom ahead, while simultaneously quoting misleading
"facts and figures".
Lately, however, more accurate and encouraging reports have gradually surfaced: instead of
this being "the worst economy in 80 years", the quote is now,"... in 26 years", which is the correct comparison. Every day I see a few more revised reports, which should gradually
reduce the nation's fright level. Debt, credit issues and unemployment are all real, deep
problems, of course; suffering is all too real....so why exacerbate them? Just to get another TV
I can only hope journalists and other "experts" will keep doing their research.
When they don't, I'll be here.