Past Financial Crises vs. COVID-19 – How Will This Affect Oklahomans?

Okay, so there is absolutely no doubt that our country hasn’t seen financial crises & job loss like this for almost 100 years. So really how bad could it get? JP Morgan is projecting unemployment to reach 20% in the third quarter of 2020.

2020 Unemployment Forecast
2020 Unemployment Forecast

Flattening that to single digits by 2021. So right now, 2020 and 2021, are high and not ideal for housing but it’s manageable. But I have Oklahomans asking how does this crisis compare to others that we’ve seen? And really of course if you watch the mainstream media and different people it’s all about instilling fear to get ratings.

However, I have been hearing people throw out, this is gonna be like the Great Depression, or reminiscent of the Great Depression. So let’s really take a look at that. Because we always need to put things in perspective and use data to think clearly. Let’s actually look and see what the numbers are. So let’s look at the Great Depression friends.

Current Unemployment Rates Compared to Past Financial Crises

From 1930 to 1935 started at 8.7. The high was in 1933 at almost 25%. And in 1935 it was 20%. So we had year after year after year of extremely high unemployment numbers. Then let’s move over to the Great Recession. Okay, 2008, 7.3, 2009 was our high, it was 9.9. Again, year after year of this high unemployment. Nothing compared to the Great Depression. However, we remember the Great Recession and how that felt because it affected so many of our lives here in the Tulsa Metro area. Here in Glenpool, Jenks, Bixby, Kiefer, Sapulpa, Mounds, and Tulsa.

Now let’s talk about this current crisis. So yes we’ve got this high double-digit projection of 20% unemployment in 2020. But then it’s forecasted to go 6% to 8% in 2021. By the time we get to 2023, 4%. So again, keep things in perspective. It is not forecasted to be like the Great Depression or the Great Recession. And of course, we’re getting data as the days go through. But we’re getting things day by day. So I will always be updating, but I just want to give my fellow Oklahomans valuable information for where we are, and always put things in perspective by presenting you with information the experts are giving in an unbiased way; essentially to be a voice of reason. So yes, things are very bad right now, but the country is in a much better position than it has been in the past.

As always, if you have any questions, reach out to me. There is still buying and selling going on. Now more than ever who you hire matters. I am always happy to discuss your personal situation and the best moves for you. I hope you got some good information from this. And remember we will get through this because we will.

Past Financial Crisis Vs  Now Oklahoma
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