Comparing the Great Depression vs. the Great Recession

The Great Depression happened in 1929 and it took over ten years to cure. Massive layoffs occurred, resulting in U.S. unemployment rates of over 25% with 13 million people becoming unemployed. During 1929-1932 industrial production fell by nearly 45%. Home-building dropped by 80% between 1929-1932 and nearly 5,000 banks went out of business as debtors defaulted on debt and depositors attempted to withdraw their deposits en masse.

The Great Depression consisted of two major economic dips – August 1929–March 1933 and May 1937–June 1938, also called “Roosevelt’s Recession.” By 1939 the massive rearmament policies and war spending doubled the GNP, essentially ending the Depression. Productivity soared and business hired new workers to replace the 11 million working-age men serving in the military.

(Courtesy of Wealthvest.com/blog/wade-dokken)