Friday, Apr 3, 2009

The Great Recession

Today's Lunch Break:
Making Ends Meet in the Great Depression

New unemployment figures were released today and it's not pretty. At 8.5% unemployment, we're at the highest rate in 25 years.

The comparison between this recession and the Great Depression of the 1930s is pervasive. But we're at 8.5%. In 1933, unemployment in the US hit 25%. That's three times higher than where we're at now.

Now, for those without a job, which snowballs for many into being without a home, it's plenty bleak. But for the fortunate 91.5% with employment, as well as a place to live and plenty to eat, I can't help thinking that comparing this to the Great Depression seems...dishonest? self-deceptive?

I sometimes catch myself thinking about what I'll tell my children or grandchildren about the Great Recession. The housing crash. The bailouts. The massive layoffs. The worry and hopelessness.

And then I read things like today's link--accounts from people who lived through the Great Depression, and I'm reminded: I have no idea what poverty even is.

From these accounts, two things struck, and inspired, me.

One, there seems to have been very strong camaraderie--not just within families, but also communities that pulled together to look out for each other. I mean, making up a plate of dinner leftovers and putting it out on the porch so an anonymous stranger could score a meal? Can you imagine anyone doing that today?

Two, these people were frugal in ways I can't even wrap my mind around. One account talks about framing pictures from the Sears catalog for home decor and sewing together pieces of worn sheets to make new ones. And then when those wore out, they'd cut them into strips and weave them into blankets (with strips from old clothes, if you wanted to add some color). Two generations out, are we, as a society, even capable of this degree of frugality?

Well. Global disaster on Monday, global financial crisis on Friday, all brought to you by Elliott and Lara. Next week we'll try to be more upbeat, with blog posts about cherry blossoms.