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Slate News

How the US Can Dodge A Depression

Slate News

Slate Podcasts

Politics, News, News Commentary

4.56K Ratings

🗓️ 27 May 2020

⏱️ 21 minutes

🧾️ Download transcript

Summary

At 14.7%, US unemployment is at its highest rate since the Great Depression. In the coming months, Washington has a narrow window to avert an even bigger economic disaster.


Guest: Jordan Weissmann, Slate’s senior business and economics correspondent.


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Transcript

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0:00.0

I'm wondering if you can describe the book you're reading.

0:07.0

Is it a doorstop, basically?

0:09.0

Yeah, you feel the weight of it.

0:11.0

You feel the weight of history on your lap as you read it.

0:15.0

Jordan Weissman covers the economy for Slate.

0:18.0

So when I asked him what he did over the Memorial Day weekend, and he said,

0:22.1

oh, I'm reading a 900-page book about the Great Depression, I cringed a little.

0:27.7

Yeah, I mean, I don't think anybody will be shocked about why I've decided it's a good time

0:33.6

to read about the 1930s again. We were facing the highest unemployment rate since the

0:39.0

Great Depression. Officially, it's 14.7%. The Bureau of Labor Statistics has actually suggested

0:47.3

it could be closer to 19 or 20 percent because of a data collection error when they were

0:52.2

gathering up those statistics. So the numbers are really bad, but actually they're probably worse.

0:57.4

Yeah. Yeah.

1:03.3

And actually, in some ways, that too reminds me of the Great Depression because, you know,

1:08.8

back then they didn't really have modern economic statistics.

1:11.5

And so they had to try to combat a crisis while they only had a hazy idea of just how awful it was.

1:17.9

They were starting to get into modern surveying techniques.

1:20.5

But yeah, I mean, it was, they weren't working with the same level of information that we have today.

1:25.2

And even now, you know, we're trying to deal with

1:27.5

a crisis that's moving at hyper speed and we don't quite have data to match it.

1:31.9

Reading about the Great Depression, Jordan sees this window of time, a time when a lot of people

1:37.9

saw how grim the economic reality was and struggled to figure out how to respond.

...

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