Zion DaSilva

Julio Alicea

Economics

March 7, 2017

Was the Great Recession a modern-day depression? Why or why not?

The Great Recession was not a modern-day depression because it didnt last as long as

the Great Depression and the unemployment rate wasnt as low. According to Angela Wong

from the Weidenbaum Center, the length of the Great Depression was 43 months whereas the

Great Recession lasted only 18 months (Wong). This proves it's not a modern day depression

because it didnt last as long as The Great Recession, the depression put more damage since it

was longer, more time more damage. People suffered more in the depression, lack of

employment and lack of money from bank failures. Another reason why the Great Recession

wasnt a modern day depression because the rise in employment. Angela Wong also stated that

the Great Depression had a rise in unemployment of 19.3% and in the Great Recession the

unemployment rate only went up by 5.7% (Wong). Unemployment puts a negative effect on

society, it produce a deficiency in income. Having higher unemployment rates messes up the

whole economy due to lack of jobs. In conclusion , the Great Recession was not a modern-day

depression because the recession did not leave as much damage as the Great Depression did,

especially with regard to the unemployment rate or duration of the crisis.