The story so far, in one picture
World industrial production in the Great Depression and now:
The pundits will say that today's elections are "the start of the Republican revolution," or that the Democrats "averted disaster," or spout other hyped over-generalizations. But the question of whether a member of the official Conservative Party wins his election in upstate New York or not, pales in importance compared to Krugman's published gift posted on this election day.
In 1929 it was industrial production in "the world," but one consisting of much more separate elements than today. The remaining question is this: Is the industrial production being done by people with real jobs or by robots?
It would be interesting to see the U.S. stats broken out in the same manner at the world stats in the graph here. U.S. production is just barely up. And persistent Joblessness is still incredibly painful for every family in America experiencing it.