I read the following argument that we are experiencing the second Great Depression but it didn’t convince me:
But that doesn’t mean we’re not in another Great Depression, either. As you know, I think we are, based on the misery visited on the vast majority of the population since the recession began in 2007. What I’m thinking about are the following: the high level and long duration of unemployment (and the length of time over which both have persisted), the extraordinary number of home foreclosures, the difficulty in obtaining adequate medical care, the unprecedented rise in student debt, the growing ranks of poor people (and near-poor people), and so on. So, in my view, while there’s been a recovery for a tiny minority of the population (based on the return to record profits for U.S. corporations, the resurgence of the stock market, and the high salaries and growing wealth of those at the top), the best characterization for the situation in which the working classes find themselves is the Second Great Depression.
I’m always bothered by the tendency that many people have to stretch analogies way too far. This always leads to the complete erosion of significant concepts. As a result, we end up in a situation where “Nazi” is synonymous with “bad person” and “Holocaust” is a description of a dieting choice.
What do you think? Do you see the current economic crisis as the Second Great Depression?
P.S. I just read the Wikipedia article on the Great Depression and found the following insulting statement in it:
The fall of communism in the Soviet Union led to a severe economic crisis and catastrophic fall in the standards of living in the 1990s in the former Eastern Bloc, most notably, in post-Soviet states, that was almost twice as intense as the Great Depression had been in the countries of Western Europe and the U.S. in the 1930s.
The idea that the collapse of the Soviet Union caused a fall in the standards of living is just too bizarre. Every person who has even remotely been around during the 1990ies has to know that living standards soared after the Soviet empire broke down. And the comparison between the post-Soviet transition to capitalism and the Great Depression? The author of this article has no shame. This will now be one more example that I will use to teach my students about why using Wikipedia makes no sense.

