Kat Aaron
is a project editor with the Investigative Reporting Workshop at American University in Washington
Some call this moment the Great Recession. As the hardship has lingered, others have begun calling it the Little Depression. But equating the hard times of the 1930s with the hard times of today is mostly overblown rhetoric. Or is it?
On the surface, the comparisons are obvious: a period of great wealth and exuberance followed by a stock market crash. After the crash, widespread economic pain. Millions of people out of work, thousands of homes lost. Families going hungry.
But much has changed. There are Social Security, unemployment insurance, Medicare, and Medicaid, none of which existed when the Depression hit. Breadlines and shantytowns, emblems of the Depression, are nowhere to be seen. Today, though, there is great hardship out of view. Behind closed doors, apartments and shelters are overcrowded, and cupboards are bare.