From Carpe Diem today:
Here’s a bit of an antidote for my last post about the plummeting stock markets. It’s important to remember that, while our economy is bad, it certainly has been worse. Some of us haven’t been around long enough to remember the last severe recession firsthand, so these statistics bear repeating. In the early 80’s, America was still recovering from the failed presidency of Jimmy Carter. How about 18.5% interest on your 30 year fixed mortgage? It really was that bad in 1981. 14.8% inflation in 1980? And 10.8% unemployment in 1982? I’m not saying that we’re not headed there under Obama’s socialist policies but for the time being at least, it could be worse.