Slow Joe on the Great Depression

Joe Biden opined last night that Barack Obama “has inherited the most difficult first 100 days of any president, I would argue, including Franklin Roosevelt.”

Franklin Roosevelt? How about Abe Lincoln? Harry Truman? Ronald Reagan? But let’s stay with Roosevelt. Comparisons between the present economy and the Great Depression are overblown, to say the least, as this chart showing job losses in the Depression and six subsequent recessions reflects; click to enlarge:

job-loss-recess-depress2.gif

Give Time credit for that one.

In view of his recent change in tone, it seems likely that if Obama could have a do-over, he would rethink the “Never let a crisis go to waste!” strategy. So far, stirring up over-the-top hysteria about the economy hasn’t worked out too well for the new administration.

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