Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: combjelly who wrote (465530)	3/25/2009 8:43:25 PM
From: TimF	Read Replies (1) of 1575783

Almost everyone was precarious in terms of having their jobs being at risk (or in many cases gone). But not so much in other terms. They where of course less wealthy than we are now, but they where more used to, and capable of dealing with, lower levels of wealth and income. And yes debt levels had increased before the depression, but generally people where thriftier than and more likely to have saved money (although not to the extent that that many people who lived through the depression later became). Debt levels were lower at that time than they are now, and consumer debt was MUCH lower. Corporate debt was high, but that is one more reason why lowering wages would have helped avoid layoffs. People who retained their jobs actually did ok, since prices went down, and since union and government pressure kept wages up or even increased them. The problem is the huge number of people who didn't keep their job. A very large number becoming chronically unemployed, while others took a "pay cut" in the form of temporary layoffs and unemployment.

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