Is this serious?: "Will the current economic downturn be the worst ever?"
AOL.com has this bizarre survey question. The unemployment rate is 6.7 percent and probably about one percentage point of that increase is due to the 50 percent increase in unemployment benefits. The inflation rate is very low, the core inflation rate is about 2 percent. GDP is probably going down right now, but the media has been talking about it declining for a year-and-a-half. Obviously this isn't a scientific survey and obviously this question was drummed up by the people at the Huffington Post, but 65,978 people have participated in the survey and by a slight 45 to 44 percent margin people say that they think that this is "the worst ever" economic downturn.
Labels: Economy
posted by John Lott at 9:42 AM
3 Comments:
It just proves how ignorant most Americans are about economics and how it works.
It's a sad commentary to the education system these yahoos endorse but does little to educate as this poll would indicate.
I bet if you even asked 10% of these people what is a capitalistic free market, they couldn't tell you.
It's just appalling.
Most people today have no context on which to judge if this is the worst economic downturn. During the depression, unemployment was over 20%. We are no where near that now.
John, the funny thing is that EIU estimates average GDP has GROWN by 1.3 percent in 2008. And they're forecasting the economy will contract by 1 percent in 2009. One percent.
The media just LOVES to foment panic!
The worst ever? Please!
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