Too young to remember those times

Wasnt working when I was 9, but I wish I could go back!

http://news.yahoo.com/s/ap/20091108/ap_on_bi_ge/us_jobless_then_and_now

I hate to sound like one of those geezers you hear saying "I remember back in the day".

But I saw this article too this morning. Unfortuantely Im old enough to remember the poor economy of the late 70s and early 80s as well. In my opinion things were a lot worse then, than they are now. Inflation was out of control (double digits) , interest rates were in double digits (having the same effect on the housing market that lack of credit does today) the price of gas had risen ~300%, in many cases there were lines to buy gas. (not to mention there was no internet to stay connected with) and on top of this unemployment was also in double digits (all of these indices combined were called the "misery index") . I was involved in a few instances in applying for Federal aid, you had to go to a office everyday and wait, most transactions were paper based (looks like AWI is still rocking in the 80s in that regard) .

I was fortunately able to land a job in 1981 in a high tech industry which was somewhat immune to economic cycles at the time. It certainly was not a pretty situation, I would take the cards we have been dealt today anytime over that period.

Looking back on it, I think the lesson was- there will always be economic cycles, when times are good , one should always have a "Plan B" in place in case the next downturn comes (and it always will at some point)

I had another not so nostalgic thought about the late 70s and early 80s morass, that is interesting to me from today's perspective. At that time (amoungst all of the other issues impacting the economy) , the slowdown was partially attributed to the sharp rise in energy prices that had occured. Back then we were told by the "experts" that our energy sources would transition to solar, wind, and geothermal and thus we would become "energy independent". Generous tax credits were approved by the government to incentivize individuals and industry to use these unproven technoligies with little regard to their practicality (sound familiar?)