Historians & economists predict high unemployment for the next 10 years may profoundly change America

Historians in the News

Right now, America is experiencing a combination of economic conditions it has never seen before, and quite frankly, no one really knows exactly how this story is going to end.

While there are some who are oblivious to the new economy around them, those more directly effected believe that this is no ordinary recession. In some areas of the country, record unemployment has brought entire communities to their knees with images that make the Great Depression look like a picnic. Some estimates of the true unemployment rate for areas like Detroit is 50%. At the height of the Great Depression, it was only 23%.

Economist David Levy has created a name for the anomaly we are living in. He calls it the “New Abnormal.” At the heart of his theory is an America that will spend the next 10 years living in an era of chronically high unemployment and shrinking income.

Economic historian John Steel Gordon concurs with Levy’s prediction, "It will be the mother of all jobless recoveries."

And University of Texas historian, H.W. Brands believes, "There will be a continued hollowing-out of the middle class."

What does all of this mean?

It means that when we emerge from the deepest, most enduring recession we have seen since the 1930s, America will be a different place....

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