U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Politics and Other Controversies
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
View Poll Results: Is this recession worse than the 70s & 80s recessions?
Worse 54 63.53%
Better 26 30.59%
About the same 5 5.88%
Voters: 85. You may not vote on this poll

Reply Start New Thread
 
Old 02-13-2009, 12:30 PM
 
Location: DFW Texas
3,117 posts, read 7,319,937 times
Reputation: 2217

Advertisements

In your opinion is this current recession worse, better or about the same as the recession of the 70s and 80s?

Why This Recession Seems Worse Than '70s and '80s - Real Estate * US * News * Story - CNBC.com

I don't think we are as bad off as we were then, but if things don't improve, and sooner rather than later, then that might change.

What do you think?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 02-13-2009, 01:43 PM
 
11,182 posts, read 12,266,589 times
Reputation: 17018
In the 70's my dad used to wait for Big Macs to go on sale. He'd then go and buy about 10 of them to put in the freezer. We used to siphon gas from one car to put into the other. My mom spent her after work evenings and weekends canning tomatoes from our vegetable garden.

No, it hasn't gotten to that point for me yet -LOL.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-13-2009, 02:00 PM
 
Location: here
24,866 posts, read 34,320,640 times
Reputation: 32682
If the 70's and 80's were worse, my parents must have hidden it pretty well.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-13-2009, 02:21 PM
 
485 posts, read 1,413,126 times
Reputation: 161
Unemployment figures for the 70's and 80's were higher than present. It may still get worse, but not yet.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-13-2009, 05:10 PM
 
Location: Southeast
4,301 posts, read 6,759,549 times
Reputation: 1457
The 70s and 80s were much much worse. It felt so much worse because the problems lasted so long.. On the other hand, some places did a lot better than others.. But then again, the current problem builds upon several different factors, while in the 70s and 80s it was primary the modernization of industry and business. Not to mention the fact that we had no war during that time period to boost the economy... The economy tried to bounce back in 1983/1984, but it did not last.

We did not experience much growth until the post-war boom following the Gulf War. The war boom, and the rise of internet commerce, helped the economy recover. And if one were to review history, it would seem that the only time the US economy recovers is after a war..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-13-2009, 08:03 PM
 
Location: Bridgetown, Ohio
526 posts, read 1,404,356 times
Reputation: 144
The worrisome character of this recession is its widespread and deep nature. It is systemic.

It is affecting what is left of our manufacturing sector, banking, insurance, retail.

It doesn't help that Obama is using this for his personal purposes.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-13-2009, 08:07 PM
 
4,465 posts, read 7,634,177 times
Reputation: 811
Quote:
Originally Posted by marysally View Post
Unemployment figures for the 70's and 80's were higher than present. It may still get worse, but not yet.
.

Carter approved the changes, but it was under Reagan that the "official" unemployment rate was reduced by approx 30%, so that post-'84, one has to double the given rate to make the figures comparable to the earlier ones.
What was once the official unemployment rate is now called the "misery index".
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-13-2009, 08:44 PM
 
1,992 posts, read 3,987,310 times
Reputation: 609
Honestly, my wife and I were not affected much by the recessions of the 70's and 80's. Inflation was a problem. My company laid off 25% of its employees, but I was spared. I did have to pick up other people's work. We were lucky in that we both had good jobs and did not lose them.

This recession comes as I am getting ready to retire. My stocks, which I have saved and was counting on to help my retirement, have tanked. Looking at retirement on a fixed income with a huge loss of savings is very scary to me.

Having said that, my brother in law said in the 70's and 80's, "The difference between a depression and a recession is whether or not you are employed." He's right. If I retire and do not have a job, this is going to be a depression for me.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-13-2009, 08:45 PM
 
7,055 posts, read 8,190,736 times
Reputation: 7162
The difference IMHO is that this one has hit more white collar workers (finance) than the 70s and 80s.

As a kid in NYC, the 70s and NYC's bankruptcy was much worse with many city workers in previously untouchable fields as teaching were laid off.

80's was mostly manufacturing if I remember correctly.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-13-2009, 08:51 PM
 
4,465 posts, read 7,634,177 times
Reputation: 811
Quote:
Originally Posted by JamesAbilene View Post
Honestly, my wife and I were not affected much by the recessions of the 70's and 80's. Inflation was a problem. My company laid off 25% of its employees, but I was spared. I did have to pick up other people's work. We were lucky in that we both had good jobs and did not lose them.

This recession comes as I am getting ready to retire. My stocks, which I have saved and was counting on to help my retirement, have tanked. Looking at retirement on a fixed income with a huge loss of savings is very scary to me.

Having said that, my brother in law said in the 70's and 80's, "The difference between a depression and a recession is whether or not you are employed." He's right. If I retire and do not have a job, this is going to be a depression for me.
.

Another large, unreported by our corporate media machine, problem is that the average American has lost approx. 30% of his/her paycheck (ie, Real Wages) over the past 35 years.

That's why this is a depression, and not a recession.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Politics and Other Controversies
Similar Threads

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top