Comparative Recessions

Politicians describe recessions to suit their views. It comes in handy when they're running for office, when they need to paint a suitable economic picture.

In 2000, with unemployment about 4.0%, we were told by Democrats out of office, that we had the worst depression since the 1930s. We actually were in the midst of a booming economy.

In the mid 1970s, when President Reagan took office. We were experiencing a severe downturn as bad, if not worse, than what we have today. The fall in GDP was 4.9%. Compared to a drop of 18.2% in 1937-38. That truly was the worst economic cycle since the 1930s. What we can therefore correctly say is that today’s is the worst recession since 1973-75.

 President Reagan never blamed the previous president, Jimmie Carter, for the job Reagan had in making the prodigious economic recovery.(See the Earl J. Weinreb NewsHole® comments and @BusinesNewshole at Twitter.)