Today's economy is not as bad as the Reagan Recession in 1982 (unemployment rate, Clinton)

[Refugee56]

Everyone is talking about how today's economy is as bad as the great depression of the 1930s. It is not that bad! In fact it is not as bad as the Reagan Recession in the early 1980s.

People seem to glorify Reagan today but few of us remember the terrible economy of the early 1980s. The official Unemployment rate was about 10% in 1982 and in some States close to 20%. During that period, there was not as many service sector or retail jobs and less social services, so when someone was laid off from the factory, they were in real trouble.

Many more banks were closing and the government was in chaos. Reagan, like Bush today, would not admit the country was in a recession and his ratings went down to 35% favorable.

Here is some more information about the Reagan Recession of the early 1980s. Compare and contrast.

Early 1980s recession - Wikipedia, the free encyclopedia

[Mircea]

Originally Posted by Refugee56

In fact it is not as bad as the Reagan Recession in the early 1980s.

There was no "Reagan Recession" in the early 1980s. That was a continuation of the Carter Mini-Depression from 1978.

[hindsight2020]

Um, being underemployed (the crux of today's argued "low" unemployment figures) is no better reality than being straight up unemployed in 1982, or today for that matter. Unemployment numbers are such a racket....

[Mircea]

Originally Posted by hindsight2020

Um, being underemployed (the crux of today's argued "low" unemployment figures) is no better reality than being straight up unemployed in 1982, or today for that matter. Unemployment numbers are such a racket....

The unemployment figures originally:

Counted the prison population as unemployed;

Ignored the military;

Counted people who were no longer receiving unemployment benefits but were unemployed as unemployed;

Counted people working part-time who could not find full-time employment as unemployed;

Counted "underemployed" people only if they were registered with JPTA.

Carter added the military as "employed" in 1979.

Reagan dropped the prison population I believe in 1984-85.

Clinton dropped all of the rest in 1997.

The unemployment rate now is based on the number of people the states report who are collecting unemployment benefits, and a survey of 60,000 households conducted on the 12th of each month.

[averagejoe76]

Carter left Reagan a horrible mess to clean up...
Im too young to remember those years but i bet todays economics troubles..
Dont even compare to the Carter years!