Depression babies - the trajectory

If ever we would land up in a prolonged economic slump...

From here: How today’s young will be affected 10, 20 or 40 years on will depend on many things — the children of the Depression were shaped as much by the war that followed. The recession generation will include those born into it, at the youngest end, and those emerging out of college and high school into a jobless marketplace, at the oldest. If history is any guide, what will matter most is where they are on the continuum.

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In long-term studies, the younger group suffered the bigger psychic scars. For them, the worst disruption of the Depression coincided with the critical years of development when they most needed their parents. With incomes dropping, parents fought more and drank more, leaving children bewildered and often alone. Years later, the group looked back on their childhood as a period of unpredictability, and their high school years as a time they lacked direction or a sense of confidence. As one small-business man put it, “my entire adolescence was a period of painful and frustrating disorientation.”

The older children were better able to understand the hardships, and to get outside the household to help the family earn. They went off to World War II and benefited from the structure of the military, then returned to the booming economy and the G. I. Bill. Ultimately, Professor Elder said in an interview, “they came out with an ability to know how to survive and make do and solve problems.”