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HOW BAD IS IT?….Andy McCarthy asks:

The Worst Economic Crisis Since the Great Depression?

That’s the Obamanomics mantra. Should be we really be letting that slide by without a response? Going to high school in the Carter Seventies, I remember sitting in the gas lines. Toward the end of Carter’s tenure, interest rates were around 20%, inflation was at close to 14%, and unemployment was just over 7% (it soared over 10% before the Reagan recovery kicked in).

I don’t mean to minimize the straits we’re in, and I appreciate that things are likely to get worse — maybe a lot worse — before they get better. But aren’t Democrats skipping over a pretty awful bit of history when they say this is as bad as it’s been in 75 years?

Well, look: interest rates hit 20% because Paul Volcker put them there in order to fight inflation. But it’s not inflation that that’s the measure of a recession, it’s output growth and employment. And at least at the moment, the projections for output and employment over the next year are about as bad as they were in 1980-82 — and that’s even without an oil shock to kick things off. Add to that the fact that the financial system is collapsing worldwide, entire countries are going bankrupt, a couple of dozen really big banks have gone bust, and credit markets are still frozen despite trillions of dollar in various interventions from national governments, and yeah, I’d say this is the worst financial crisis since the Depression. Does anybody really want to take the other side of that debate?

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LET’S TALK ABOUT OPTIMISM FOR A CHANGE

Democracy and journalism are in crisis mode—and have been for a while. So how about doing something different?

Mother Jones did. We just merged with the Center for Investigative Reporting, bringing the radio show Reveal, the documentary film team CIR Studios, and Mother Jones together as one bigger, bolder investigative journalism nonprofit.

And this is the first time we’re asking you to support the new organization we’re building. In “Less Dreading, More Doing,” we lay it all out for you: why we merged, how we’re stronger together, why we’re optimistic about the work ahead, and why we need to raise the First $500,000 in online donations by June 22.

It won’t be easy. There are many exciting new things to share with you, but spoiler: Wiggle room in our budget is not among them. We can’t afford missing these goals. We need this to be a big one. Falling flat would be utterly devastating right now.

A First $500,000 donation of $500, $50, or $5 would mean the world to us—a signal that you believe in the power of independent investigative reporting like we do. And whether you can pitch in or not, we have a free Strengthen Journalism sticker for you so you can help us spread the word and make the most of this huge moment.

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