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Great Recession vs Great Depression

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Great Depression vs Great Recession

It’s an exaggeration to believe that the Great recession was even remotely as devastating as the Great Depression. There may be some minuscule similarities, however the differences outweigh are clear.
The Great depression lasted a decade while the Great recession’s duration was only 2 years. Unemployment spiked out at 25% during the Great depression and remained in double digits for a decade, whereas throughout the most recent recession unemployment topped off at 9,5%. Also, unlike the Great Depression Americans received government help in the form of unemployment checks, insurance, and food stamps when they were unemployed. Industrial production decreased by 50% during the Great depression, versus 15% during the Great recession. Nine thousand banks close throughout the depression, but only 400 closed through the recession. Times were far more harsh living through the depression than the recession, especially when the government is not helping you. When comparing the two economic downfalls, there aren’t many similarities. Both time periods were preceded by positive economic growth. Prior to the depression the growth rate was 4.4%, and prior to the most recent recession the growth rate was 3.2%. Both eras were followed by much more dependency on the Federal Reserve for times of crisis. When comparing the two economic collapses the Great depression was obviously worse than the Great recession, and the differences were more magnified than the similarities.

M Goodman. (2012, September 18). The Great Depression vs. The Great Recession Retrieved from http://www.pressandguide.com/articles/2012/09/18/opinion/doc50537e3f9ee6c952278566.txt?viewmode=2

M Geewas. (2012, July 11). Did The Great Recession Bring Back The 1930s Retrieved from

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