How bad is the recession?

If you're paying attention at all, you might be getting the impression that we are not in a recession, but actually in a depression and if you are unemployed, it surely feels that way.

But, take some time to look at numbers properly. Consider what the Wall Street Journal says:

This fearmongering may be good politics, but it is bad history and bad economics. It is bad history because our current economic woes don't come close to those of the 1930s. At worst, a comparison to the 1981-82 recession might be appropriate. Consider the job losses that Mr. Obama always cites. In the last year, the U.S. economy shed 3.4 million jobs. That's a grim statistic for sure, but represents just 2.2% of the labor force. From November 1981 to October 1982, 2.4 million jobs were lost -- fewer in number than today, but the labor force was smaller. So 1981-82 job losses totaled 2.2% of the labor force, the same as now.

Here are some good reads offering a realistic perspective:

* Comparing this recession to the last five
* More Thoughts On Recent Employment Losses
* Post WWII Recession Job Recoveries (Months)
* The Only Thing We Have to Fear