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What Next | Daily News and Analysis

How the US Can Dodge A Depression

What Next | Daily News and Analysis

Slate Podcasts

News, News Commentary, Daily News

4.32.4K 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. Slate Plus members get bonus segments and ad-free podcast feeds. Sign up now. Learn more about your ad choices. Visit megaphone.fm/adchoices

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 door stop, 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.

0:15.3

Jordan Weissman covers the economy for slate.

0:18.4

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

0:23.0

a 900-page book about the Great Depression.

0:25.9

It cringed a little.

0:27.6

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

0:33.4

time to read about the 1930s again.

0:35.6

We're facing the highest unemployment rate since the Great Depression.

0:40.0

Officially, it's 14.7%.

0:43.8

The Bureau of Labor Statistics has actually suggested it could be closer to 19 or 20% because

0:50.1

of a data collection error when they were gathering on those statistics.

0:54.1

So the numbers are really bad, but actually they're probably worse.

0:57.4

Yeah.

0:58.4

Yeah.

0:59.4

Yeah.

1:03.8

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.

1:11.4

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

1:17.1

it was.

...

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