Does anyone remember the deep Economic Recession of the early 1980s? (generals, biggest)
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It is interesting to get the info on the economic experiences of farmers in the '70's but I think there was more going on during that decade-plus-long period of chronic economic sluggishness. There was an industry-specific recession in defense-related fields in the early '70's, as we scaled back our involvement in Vietnam. Then you had the oil embargo and the rise in gas prices. By the early '80's the shift away from an economy rooted in heavy industry was beginning to reach full force. There was a lot going on, and it was a more difficult time than anything that has happened to date with the recent economic slump. I think that the long period of prosperity we have experienced, dating back all the way to the mid '80's, is a large part of the reason that people think the current situation is really bad. It's all about perspective. There are young adults in their early twenties who have never known anything but a prolonged economic boom. To them, in comparison to the only situation they have ever known, the current downturn does seem serious. Perhaps you have to have actually lived through some of the serious economic troubles of the past in order to appreciate how mild the current situation has been to date.
The news people are saying that the economy is currently worse than at any time since the great depression of the 1930s. This is hard to believe.
I graduated from college in 1981, which was the start of the Reagan Recession. Unemployment in my hometown was three times what it is today. Some cities were basically closed down due to unemployment rates that were close to 25%. A single job was advertised and hundreds would apply. Social services were overwhelmed. Over a thousand banks closed.
Historians: How does the current economy compare in your opinion to the recession of the early 1980s?
By the way, I think the better term was the Volcker recession, after the chairman of the Federal Reserve. Because he jacked interest rates up to 21% in order to stop inflation--something that Reagan had zero control over.
Sure and I remember it being even worse than the current times, In fact when Carter was presdient double digit inflation;very high unemployemhnt mad ethings very tough . This isn't even a recession from waht i see or not nearly equal to that one for sure. I even remember the recessio0n in the 60's when JGFK was predient. Funny thiogn was he lowered taxes to spru the economy.I still see peole spending money like never before on eating out and buying things they never would have in the 70's or 60's. In fact lifestyle would have to go down alot alot to get to the 60's and 70's level. To get to the 50's drop alot more.Healtyhcare was cheaper during all these times but people didn't get much really advanced care. Cancer was discovered when they cut you open to explore and was mostly a death sentancxe. heart problems meant you were going to weaken and probably die in a few years. Sure hyeaolthca5re was cheap most only had i simple surgeries.Denatl checkup were done once a year and teeth were puled for miost peoblem except minor fillings.Many had dentures before they were fifty and often the service was when most males got their teeth fixed.he one thoign is that epole saved and were smart enough to know when tehy could not afford something.This was pounded into the children of those that suffered the depression.They let you know how much hunger hurt.
The current situation is easily worse then the 1979-1983 recession for the additional following reasons.
An aging population- back then the boomers where younger, the needs for an aging population a far less problem.
Health care was far cheaper.
Americans did not have the incredible amount of debt then as today, along with a low savings rate.
It's important to keep in mind that times are bad for any individual affected by one of these economic slumps. That's not just lip service on my part. I was unemployed for two years during the early '80's, so I know from experience how bad it can be. But when one looks at the larger picture, there is a significant distinction between the way things are and the way one fears that they could become. The quoted post is an example. All the diffucluties cited are reasons for concern about the potential for a severe downturn. However, at this time, the situation--overall, not for those individuals seriously affected--is mild compared to the '70's and early '80's. There is cause for concern about what might happen in the future, possibly the near future, but we do not really know.
In the early 1980's I was a young Air Force NCO and I had more discretionary spending money than I do now, even though I earn far more! I lived in a dorm on base and had all my meals taken care of during much of the early '80s...
In the early 1980's I was a young Air Force NCO and I had more discretionary spending money than I do now, even though I earn far more! I lived in a dorm on base and had all my meals taken care of during much of the early '80s...
I was the same also Crew Chief as with the exception of the Soda Machines and Ship's Store everything was free (Rent, Utlities, Food, Laundry, Medical/Dental, etc..) on our destroyer in the Navy as i always had money to spend even though i was dirt poor during those early 80's.
The current situation is easily worse then the 1979-1983 recession for the additional following reasons.
An aging population- back then the boomers where younger, the needs for an aging population a far less problem.
Health care was far cheaper.
Americans did not have the incredible amount of debt then as today, along with a low savings rate.
As you stated. I remember ca. 1982 vividly.
Too; this present recession (to which the dunderheads in Wash DC are unable [or unwilling] to admit to) is not a 'garden variety' one. Why I say that is typically people out there would be fixing up their older cars/trucks vs, buying new vehicles. Not this time-----------people are freaked.
I lived through the recession of 81-82. It was a very bad recession, probably the worst since the Great Depression. I had trouble even finding part time jobs in college.Unemployment in the US briefly peak above 10% nationally in 1982, the only time since the Great Depression that has happened. As bad as it was though, I think it was somewhat necessary to bleed the hyperinflation out of our economy. After it ended, the US began a boom that lasted a long time.
So far, this present recession isn't as bad. But we may only in the early stages. We don't know yet. We did go through a savings and loan crises in the late 80s but it didn't last that long. Hopefully this will be like that, but it could end up much worse.
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Sounds like a good plan!
