Comparing the Great Recession and the Great Depression By: Louis Jacobson Politifact.com

When Obama was elected in 2009, he was asked whether the economy he took over was as bad as the Great Depression of the 1920s and 1930s. Louis Jacobson does a great job of detailing “where Obama has a point” and “where Obama is wrong”. When comparing both eras stock price patterns were similar, and the rate of decline. Although the banking situation was much worse in the 30s, the modern financial system and technology allowed the crisis to “spread further and faster”.  Although Obama is wrong when it comes to recovery rate. The statistics showed that “mid 2009 also recovered more quickly than they did during the Great Depression”. Beyond that, the statistics were worse during the Great Depression “no matter what time frame you look at”. Unemployment was terribly worse during the Great Depression, even though the method of calculating has changed. The statement is similar to many other presidential statements, “certainly not true in any important way”.

Sean Anisi