Great Depression vs Great Recession

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Infographic^

The Great Recession and Great Depression were very similar in that they both shocked the American public with their suddenness and severity. There were many causes for The Great Depression and The Great Recession. What are thought to be the main causes of these economic catastrophes were very different, but were both based on capitalist consumer issues. The main cause of the The Great Depression was the stock market crash of 1929, which was caused by many people selling their stock quickly and devaluing it. The Great Recession was caused more by the housing market and inflation. Unemployment during The Great Depression went from 8 to 15 million and was unheard of up to that point in America. This job instability is something that was seen in both of these slumps in the economy, however, The Recession caused for unemployment to rise far faster due to the increase in population and the scarcity of jobs. During The Depression there was a steep deflation in prices, which was a main reason for a lot of the job loss which lowered prices even more. During The Recession, there was a steep increase in prices which led to a lot of people barely being able to hold on to their homes. The housing bubble was the increase in prices, or pressure in this metaphor, rose and rose until it finally “burst” which caused the high prices during The Recession.

Overall, I think that, while The Great Depression and The Great Recession were similarly catastrophic for the American people of the time, they were very different situations and wrought very different results. In The Great Depression, the causes were mostly based on the overall economy, while The Great Recession was mostly caused by the housing market in particular. The economy was even affected differently, with The Depression causing prices to sink, and The Recession causing prices to rise to nearly inaffordable levels. These are some of the many reasons that The Great Depression and The Great Recession are so different.

By Emily Cocking and Emory Harkins