I hate people who make things seem worse just to get their way. Especially when it is suppose to be a man of hope.
Schiller talking about Obama, “In his remarks, every gloomy statistic on the economy becomes a harbinger of doom. As he tells it, today’s economy is the worst since the Great Depression.”
An article by Bradley Schiller does an excellent compare and contrast with this economic downturn compared to that of other down times.
“This was reflected in unemployment rates. The latest survey pegs U.S. unemployment at 7.6%. That’s more than three percentage points below the 1982 peak (10.8%) and not even a third of the peak in 1932 (25.2%). You simply can’t equate 7.6% unemployment with the Great Depression.”
“Auto production last year declined by roughly 25%. That looks good compared to 1932, when production shriveled by 90%. The failure of a couple of dozen banks in 2008 just doesn’t compare to over 10,000 bank failures in 1933, or even the 3,000-plus bank (Savings & Loan) failures in 1987-88. Stockholders can take some solace from the fact that the recent stock market debacle doesn’t come close to the 90% devaluation of the early 1930s.”
Personally, I believe the media coverage is making this economic downturn seem significantly worse. After all, what would news be if it was reporting something good over bad?