A U.S. recession may already be underway. Could it be worse? The Great Depression that began with a stock market crash in 1929 and lasted until 1933 scarred a generation with massive unemployment and plummeting economic output. It reshaped America, shifting migration patterns, and spawning new styles of music, art and literature. Under President Franklin Delano Roosevelt, however, it also prompted creation of an array of programs like unemployment insurance, Social Security retirements benefits, and bank deposit insurance that make a repeat unlikely. The unpredictable and unprecedented path of the coronavirus has drawn parallels with the Depression, in particular with predictions that the rise in unemployment and the percentage drop in economic output could rival those seen in the 1930s. But for that to happen, the jawdropping numbers likely to be recorded in coming weeks – millions thrown out of work, double-digit declines in gross domestic product […]

Posted in: USA