Despite rosy financial forecasts
made by economists this spring, our fears that the nation is about to sink into another depression are reaching depressing extremes. A new CNN poll reveals that nearly half of Americans believe a 1930s-scale depression is possible within the next 12 months. A whopping 19% of Americans believe it's "very likely" -- the most since the economy tanked in the fall of 2008. An additional 29% said a depression is "somewhat likely." If we use the original Great Depression as a model, that means many of us are pondering 25% unemployment and rampant homelessness.
The 1,015 people interviewed for the CNN poll hadn't even seen Thursday's unemployment report
, which indicated that initial jobless claims had surpassed 400,000 for the ninth straight week.
The good news is, well, we can take a breather until the next poll.
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Exploring the Great Depression Through a New Lens
The Library of Congress recently released over 1,600 color photos of the Great Depression. The pictures, which were taken during the final years of the Depression, offer a fresh perspective on one of the darkest periods in American history.
Library of Congress
Paul Spinelli, MLB / Getty Images