Let's suggest we cut the great depression in two pieces
The contraction and the mid term aftermath
Thesis part two started in the summer of '33
And the system found ways to move unemployment back down near to
10% not far north of where we are now in the great recession
Of course without a robust transfer system /safety net
The new deal had to sop up huge numbers of the unemployed with wpa ops to move
The system to this socially tolerable unemployment rate range
Where it hung fire
more or less
till the second po.icy induced contraction of '37
Which itself was goosed ...now by more like Keynesian methods back up to the 10%
tolerable range again
Until the toal game changerafter september39
Kicked us into the full bore arsenal of democracy gig
Conclusion the acceptable range has remarkably changed little in the present era from what it was in the prior era
We can tolerate around one out of ten candidates for a job to languish protractedly
In a jobless state
