Great Depression vs. Great Recession

There are many similarities and differences between the Great Depression and the Great Recession, yet both of these horrific economic downfalls greatly affected all Americans in both time periods. During the Great Depression unemployment rose up to 25 percent at times. Many people believe that the Federal Reserve caused the Great Depression. Through early years of the Great Depression, the GDP went from $103.6 billion dollars in 1929, down to $56.4 in 1933. During the Great Depression the federal government created “Social Security” for the elderly, and an “Unemployment” compensation for those unemployed. The Great Depression that occurred  in the late 1920’s did not only affect the US, but other global economies of developed nations such as German, Brazil and Southern Asian countries. During the Great Depression deflation was high, while during the Great Recession inflation was low.  People all around the world and especially the United States are still feeling the aftermath of the 2009 Great Recession. Unemployment is not lowering, but on the rise. Today, unemployment rest at 9.5% in the United States. The chairman of the Federal Reserve Ben Bernanke states that it will be years before the normal levels of unemployment will return. The Great Recession is affecting other global economies such as China, Japan, Iceland, and Canada. This Great Recession has forced people who could have retired within the next for years, to continue to work to be able to provide for themselves and their family. 48% of Americans have seen the value of their house decline due to the Great Recession. As of October 2010, the number of people on emergency benefits has risen to 4.0.4 million. The Great Depression and The Great Recession have had an effect on all people in the United States and even across into the Global economy markets, but yet- The Great Recession has not effected as many people as The Great Depression did.