Average Americans never surprise me with the depths of their idiocy. Usually, on big issues, eventually rationality prevails, but not without a short period of frightening stupidity. What has me unsurprised today? Most Americans think we are on the verge of another Great Depression.
A new national poll suggests that six in ten Americans think another depression is likely.
In a CNN/Opinion Research Corporation poll out Monday afternoon, 59 percent of those questioned say that its very or somewhat likely that another depression could occur in the United States. Four in ten Americans say it not likely another depression will occur.
I'm really getting sick of all the talk comparing the possible effects of the financial situation we're in with the Great Depression. First off, I don't think people realize just how much richer society and its individual people are now than they were at the time of the Great Depression. Secondly, the current downturn is basically a collapse of one segment of the economy. Sure, it affects some other areas, but not to the extent of being anywhere near on par with the crashes of 1929. It is, in reality, much like Michigan's long-running one-state recession. And just like Michigan's problems, it is a problem caused by socialistic government. So the solution is fairly simple.
Secondly, even something as bad as that depression serves to show that America is very resilient. It took exactly 10 years for the economy to rebound to the levels it was at pre-depression. That is bad, but it certainly isn't horrible. Here is real GDP per person since 1920. Note that we are more than 7 times more wealthy per person, in real, inflation-adjusted dollars, than our 1920 forefathers were.
| 1920 | $5,721 |
| 1929 | $7,099 |
| 1930 | $6,418 |
| 1931 | $5,960 |
| 1932 | $5,152 |
| 1933 | $5,056 |
| 1934 | $5,567 |
| 1940 | $7,827 |
| 1950 | $11,717 |
| 1960 | $13,840 |
| 1970 | $18,391 |
| 1980 | $22,666 |
| 1990 | $28,429 |
| 2000 | $34,759 |
| 2007 | $38,148 |
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