President-elect Obama said recently, "This is a crisis unlike any we have seen in our lifetime." At times, the alarms have been close to hysterical...
...we were told it was the biggest one-year job loss since the end of World War II. But that's a fatuous comparison. In 1945, the nation's population was less than half what it is today. So last year's job loss was less than half as painful as that year's.
Right now, the unemployment rate is 7.2 percent.
In the 1981-82 recession, it peaked at 10.8 percent.
In 1974-75, it hit 8.8 percent.
Even if we do nothing in the way of fiscal stimulus, according to the incoming administration's own estimates, unemployment this time will top out at 8.8 percent.
(Chicago Tribune)
So why all the hysteria? Well it sells "news."
But beyond that, what do you think is the best way to transform America into a totalitarian socialist state? Emergency! Emergency!
And we buy it. Yes, I KNOW its getting tight (believe me!), but like the spoiled children that we are, a little bit of pain seems like torture when it disturbs our cribs. Still have cable? Internet? "Crispy" sneaks? Look at the rest of the planet for a second. C'mon. Because of this real, but in perspective, relatively mild bit of temporary pain, we are going to let President Jugears McMarxist and the idiots in congress make it much, much worse for much much longer.
Not to mention little things like trashing the constitution, cracking down on free speech and disarming the citizenry.
Its like shooting heroin to get over a hangover.
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