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    Michael Hiltzik: Could unemployment reach Great Depression levels? Yes, but …

    by Michael Hiltzik, Los Angeles Times Apr 03, 2020 5 minutes

    The sudden, devastating rise in U.S. joblessness during the coronavirus crisis has evoked images from the Great Depression - abject destitution leading to bread lines and apples sold on street corners, and so on.

    Comparisons of the surging unemployment rate to that of the 1930s have become commonplace: "Coronavirus could lead to the highest unemployment levels since the Great Depression," declared Vox in an example picked at random.

    Economist Miguel Faria-e-Castro of the Federal Reserve Bank of St. Louis raised eyebrows and blood pressures with what he called a "back of the envelope" projection of a 32.1% unemployment rate for the second quarter of this year. That would exceed the peak of 24.9% reached, according to some estimates, in 1933.

    Faria-e-Castro's paper came out on March

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