There have been comparisons throughout the year between the United States’ current recession and the Great Depression of the late ‘20s and early ‘30s. Here, CNN’s side-by-side comparison of the two. (GD = Great Depression; R = Recession)
Bank closures: GD = 9,096 / 47 percent; R = 47 / .5 percent
Unemployment: GD = 25 percent; R = 8 percent
States’ response: GD = raise taxes, cut spending; R = Federal stimulus that give financial aid to states so they can lessen the impact of tax increases
Increase in money supplied by Federal Reserve: GD = 17 percent; R = 140 percent
Source:
CNNMoney:Great Depression v. Great Recession
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