`Are we in for a recession like in the 1930s?
No, comparisons with the Great Depression are frivolous. After every major crisis, American unemployment has risen from 4% to 6%.
Next year it will reach maybe 10% at worst. But during the Great Depression, U.S. unemployment hit 30%. The American and global economies are much stronger now. `
The author starts out talking about Israel`s economy -- then refers to what happens in America`s economy.
First off, it was a little confusing -- if revealing. Secondly, I can think of a hundred reasons why America provides no precedent for Israel. We`ve never had mass famine either. Doesn`t demonstrate that it can`t happen elsewhere. Israel is infinitely smaller and infinitely more susceptible to outside forces than the United States is. Of course, I`m sure we`ll always come to the aid of the Fifty-first state. It will never get too bad. |
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