It's too early to tell whether this is worst than 1982. So far as this recession goes, we're like in the fourth inning. Also, how bad a recession is not just a matter of how high unemployment goes but how it changes the economic and political landscape in the long term. The really awful thing about 1982 was how it affected the U.S. working class in terms of its standard of living, sense of dignity, and of its expectations.
For example, the current reality shows, a long exercise in the ritual humiliation of the working class would have been unthinkable before 1982. Today they are thought to depict "reality." To take another example: my not-quite-profitable startup tech company had a quarterly meeting today where 8% paycuts were announced. Every single person I talked to was bummed about the pay cuts but felt this was much better than a layoff, because nobody wanted to think of anybody they know having to find a job in this economy. To my mind, that makes it worse than 1982. Joanna _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
