Take a quick look at this picture and tell me what is wrong with it:
Clearly, you could *never* compare job losses in different years without considering the overall size of the work force. I mean, you don’t even have to go and try to figure this out – we already have something called unemployment rate exactly for that reason. And the unemployment rate is not even close to be the “worse since 1945” (it is the worse since 1993).
So why does the press want to scare the public? Is it just to sell newspapers? I don’t think so. The end goal is to force politicians to over react and increase the size of government. Which is really ironic, since the government says it needs to intervene to “break the cycle” of a depression.
Obama should look into bailing out the papers after all. Maybe then they would stop with this garbage scare tactics. The benefits could be really huge, Keynes would love it.