Krugman: "I've seen a peculiar meme surfacing here and there lately — the assertion that people like me are exaggerating how bad our current difficulties are- that things were actually worse in the 70s and 80s. … The truth is that this really is the big one. Catherine Rampell recently updated the recession comparison chart- showing declines in employment. Here's the percentage decline in employment in recessions since 1970:"
These really are the worst of times.