Source: Origins OSU
Nov 21, 2011
Daniel Amsterdam is an historian of American politics whose research focuses on social policy, state development and cities. He teaches at The Ohio State University.Periodic spikes in unemployment are as American as the Big Mac.From the early years of the nineteenth century through World War II, the American economy tanked at least every decade or two. U.S. history textbooks are filled with boldfaced subheadings that begin “The Panic of…” followed by an assortment of years, whether 1837, 1857, 1873, 1893 or 1907.As the twentieth century progressed, the U.S. economy continued to sour with remarkable regularity: in 1914, 1920, and, of course, during the Great Depression. A long stretch of prosperity and stability followed World War II.But by the end of the 1960s, the U.S. economy’s historic case of the wobbles had returned. Hard times defined the ‘70s, the early ‘80s as well as the late ‘80s and the early ‘90s.Now here we are again, dealing with the consequences of what is universally described as the worst economic crisis since the Great Depression. In the fall of 2009, the national unemployment rate peaked at 10.1 percent and today remains at a distressingly high level, just over nine percent.