The Great Depression vs. Our Recession

TIMELINES OF THE GREAT DEPRESSION

1920s: "Technological unemployment" enters the nation's vocabulary; as many as 200,000 workers a year are replaced by automatic or semi-automatic machinery.

1928: The construction boom is over.

One year later: Stock market crash begins October 24. Investors call October 29 "Black Tuesday."

Two years later: The unemployment rate climbs from 3.2 to 8.7 percent.

Three years later: ...unemployment rises to 15.9 percent.

Four years later: ...unemployment rises to 23.6 percent.

Five years later: Unemployment rises slightly, to 24.9 percent.

Our Timeline

2000s: As seen here, "Business Week estimates that 1 percent productivity improvement can eliminate up to 1.3 million jobs."

2007: The construction boom is over.

One year later: Stock market crash begins October 2. Investors call it "Panic of 2008."

Two years later: The unemployment rate climbs from 4.4 percent to 9.7 percent (March of 2007 to August of 2009).

Three years later: ________?

Four years later: ________?

Five years later: ________?