Our Depression About Another Great Depression

Our parents were born in Oklahoma during the the “Dust Bowl” days of the Great Depression, and we’ve long been fascinated by that era. While growing up we would constantly pester our parents and grandparents and older aunts and uncles about what it was like, and voraciously read everything we could find about the economic and political and cultural history of the time. Now there’s a good chance well be facing similarly hard times, but we expect it won’t be the same.
Economists at the Federal Reserve are saying that the unemployment rate might hit more than 32 percent because of the coronavirus shutdowns, despite the zero or negative interest rates and trillions of newly-printed money the central bank is now offering, and that the gross domestic product might soon be half of what it was not so long ago. This is even worse than the Great Depression, when the unemployment rate as at worst about one in four. and those who were on the on the job kept at the economy going at slightly more than than half of its former capacity.
As bad as ut was, the Great Depression turned out to be a golden age in American culture. The big bands of Duke Ellington and Count Basie and Benny Goodman were swinging, Jimmie Rodgers and the Carter Family were making great country music, and the bluesmen were naturally at their best. Hollywood had a splendid decade, and in ’39 it made at least 52 movies you really need to see.
We worry, though, that it won’t work as well this time. These days the big stay-at-home Netflix hit is about the wierd Oklahoma “Lion King,” which we have o admit is uncomfortably mesmerizing. Most of the new music doesn’t seem to help except for the great local music we cant go out and hear, what building continues around here is mostly boring glass-and-steel.We also worry that our generation and the younger folks aren’t so haras our ancestors.

— Bud Norman

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