Current economy poor, but not as bad as Great Depression
December 1, 2008
The downturn in today’s economy has some worried that it will follow in the footsteps of the Great Depression.
Associate economics professor Carl Campbell said things are not as bad as they were back then.
“The current situation is not even close to how it was during the Great Depression,” Campbell said. “The unemployment rate was around 25 percent back then, and right now it’s a little over six percent.”
Senior psychology major Paul Kucera doesn’t think the economy is as bad as it was during the Great Depression either.
“I think things are bad right now but are not as bad as they were during the Great Depression,” Kucera said.
Campbell said it’s hard to predict where the economy will be in the future.
“Things could be much worse than they are now but it’s hard to say,” he said.
Campbell also said a few solutions exist to help out the economic downturn.
“Increasing government spending could help by having new highways and schools built,” he said. “This would help by creating new jobs for those that are unemployed.”
He also said cutting taxes would be another way to help out the economy.
“Cutting taxes back would give more money for people to spend,” Campbell said.
Senior communications major Harold Ng said he is optimistic about the economy’s future despite how it is now.
“Things are bad right now, but maybe they will turn around with a new president in office in a few months,” Ng said.