The 2008 "Great Recession" peaked with an unemployment of 10%.
The Great Depression peaked at 24.9%.
Ignoring the fact that governments would print more money to "stimulate the economy" before shit got that bad, 50% unemployment is failed-state levels of bad. You don't even have a country then, just a rump state pretending to be a country and roaming tribes of bandits beyond the walls.
I think he means in the context of up by 50% from where it currently is. Which is still fucking evil either way, so I mean, guess I'm just splitting hairs at this point.
The 2008 "Great Recession" peaked with an unemployment of 10%.
The Great Depression peaked at 24.9%.
Ignoring the fact that governments would print more money to "stimulate the economy" before shit got that bad, 50% unemployment is failed-state levels of bad. You don't even have a country then, just a rump state pretending to be a country and roaming tribes of bandits beyond the walls.
I think he means in the context of up by 50% from where it currently is. Which is still fucking evil either way, so I mean, guess I'm just splitting hairs at this point.
Blame John Maynard Keynes for making unemployment the only tool for stopping inflation.