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The 1982/83 was really caused by the Carter presidency and Reagan had to clean it up. The Clinton dot.com bubble was almost as bad. I really don't believe this will be anywhere like the 1930s recession; that was initiated by people buying an incredible amount of stocks on margin and when they were called to pay up, they didn't have it... result, failed businesses and people out of work. The bottom line here: if you overspend now, you will suffer... it is happening while ther are layoffs and the overbuilt housing industry. It is a bubble, although a large one. My Depression era parents were never hurt, never lost homes, or jobs.... they all had saved and my grandmothers were pretty self sufficient, growing and canning their food. My mother went to work as a secretary when her father died and my father went through college during the Depression... middle class people who saved alnd lived frugally still went on w/their lives. It taught me a lot -- as did it my husband... we live that way now: frugally. House is paid, although small, it is sufficient. Taxes are low. We live on our pensions and have savings as well........... oh, yeah, we also are both hunters, so if the need be, we could go and hunt our meat.
In 2008, our jobs are being outsourced. Our manufacturing is being outsourced. It seems our entire economy is based on "nothing". America exports almost nothing, imports like a third world country, all in the name of FREE TRADE! This will, in the long run, make the dollar equivalent to the peso. Ross Perot was right on this. While the US enjoys short-term cheap crap that breaks/falls apart as soon as you buy it, in the long run we will have made China the leading superpower. We owe them trillions. They make all of our crap. They are ruthless and execute people for nothing and sell the organs of living people.
American's lives/incomes/retirements have become entirely based on the stock market, which is rather a joke. Pieces of paper, stocks. Not gold, not real money.
And McCain tell the people of Michigan that their jobs are never coming back! As if, as PRESIDENT, he couldn't change free trade policies?????? He really does have alzheimers, or else he is just so bitter and angry from being a POW that he can't think straight.
Get a real union-loving, US-worker-loving Democrat in the White House before we don't even own our own country any more.
Let's look at the logic of the Dems coming to power. In economic bad times, they are supporting - each and every one of them - amnesty, giving all sorts of social service "perks" to folks as soon as they can make them legal citizens.... well, maybe I am wrong here, but it would certainly seem logical to me that if we are having hard economic times, the time is not right to swamp our country with a tide of illegal aliens who will need a raft of social services should the ecomomy take a dump. Who is supporting this? Dems? Free trade is here to stay. What it means is that we must compete on a global level because the world has caught up with us in producing goods. We can't stop that. However, what helped lead to that - as quickly as it did - was high US taxes on corporations who decided to take their money elsewhere and invest. Which was the party that even now has not learned it's lesson and is even promising higher taxes if elected (Obama said it this week)? The Dems.
30 percent unemployment won't happen, at least not official government figures. What you'll see is probably, at most, a 1982 style recession. A real possibility is a Japanese style cooldown of the economy that could last a decade, and that's just as scary as a full blown depression. Japan's economic problems have lead to a whole host of economic and social changes in Japan: growth in crime (albeit still low as compared to the US), changing social patterns (in Japan it isn't uncommon for an adult male or female to live in a house into their 20's, or even 30's due to the weak economy). Hikikimori is a kind of social-isolation syndrome where an adult child lives at home, withdrawn socially into hobbies and refusing to "get a life". Underemployment in Japanese youth is common, as well.
Already in the US becaue of rising costs to rent, student loan debt, extc., well over a third of adults age 25 have spent some time at home with their parents, often for a year or more. How much worse is this going to be if living wage jobs continue to decline?
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