The Student News Site of Sacramento City College

The Express

The Student News Site of Sacramento City College

The Express

The Student News Site of Sacramento City College

The Express

EDITORIAL

According to Recession.org, a recession is two or more consecutive quarters of declining Gross Domestic Product.

We are in a recession, but we have only faced declining GDP for two quarters. For us to be in a depression (according to The Economist), we need to be in —decline— for years, which is one reason politicians need to stop making comparisons to the Great Depression of the 1930s.

No one is disputing that the current economic situation is bad, but you have to carefully compare the two. The nation was in an artificial boom both times, but according to the Bureau of Labor, in 1929 unemployment was at 3.3 percent. In 1933 unemployment was 24.9 percent. Right now, unemployment is 8.1 percent, up 2.1 percent from the third quarter of 2008, when the housing bubble burst.

Also, the Great Depression happened before welfare services were bogging things down. Back then, people lived in tent cities – if they were lucky enough to be able to afford tents.
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The third difference is leadership. During the Great Depression, America faced an unprecedented economic situation. They elected a liberal democrat, who governed as such, and made radical changes to government policies to pull the nation out of the depression, only to have World War II do it for him. Right now, unlike during WWII, there are no huge war-related factories springing up to give people jobs.

We elected a leader who faces an entirely precedented economic situation, and is using lessons from past presidents, like Franklin Delano Roosevelt to bring the country out of recession.

Every action has an equal and opposite reaction, and every time of boom will be offset by contraction, according to Marc Faber of the Wall Street Journal. America has lived this cycle many times, but only faced one depression.

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