Throughout the past century, the United States has endured many recessions.  Some were severe and some were mild, but they all shared one

common trait; they all ended and the resulting recoveries eventually brought job growth and economic growth.  The current recession may be different, however.  The current rate of job losses is unprecedented for a recession, as is the increase in the national debt caused by the Democrats trying to spend their way out of it. 

The previous worst recession, Jimmy Carter’s recession, seemed hopeless.  If not for the more “laissez-faire" policies of the Reagan Administration, the economy may have even worsened. 

Today we are seeing the worst unemployment rate since 1982. Tens of millions of workers have no memory of that era. They have borrowed and spent on the assumption that nothing like this could happen to them. But it has.

The new psychology is one of caution. Even people who are older and in safer, high-responsibility positions know that their employers are facing severe pressures. Entire industries aimed at the consumer, especially those tied to housing and finance, are in a crisis worse than any seen since the end of World War II.

The following link will take you to an article at goldseek.com, which provides an in-depth comparison of the recessions of the past 100 years.

Pink Slip Nation, by Gary North