Paul Krugman is scared out of his mind, which means I am too

I saw this Paul Krugman's blog the other day:

Two points:

1. The economy is falling fast. We’ll see what tomorrow’s employment report says, but we could well be losing jobs at a rate of 450,000 or 500,000 a month.

2. Infrastructure spending will take time to get going — a new Goldman Sachs report suggests that projects that are “shovel-ready” are probably only a few tens of billions worth, and that a larger effort would take much of a year to get going. Meanwhile, it’s very questionable how much effect tax rebates will have on consumer demand. So it may be hard for stimulus to get much traction until late 2009 — and that’s even if Congress goes along, which may be a problem given all the bad analysis and disinformation out there.

So here’s what I’m wondering: will it, in fact, even be possible to pull the economy out of its nosedive before unemployment goes into double digits? I’m starting to wonder.

Ugh... Double-digit unemployment? The last time the unemployment rate was in double digits was 1940 at the end of the Great Depression. As the days pass move on, and the economic numbers look worse and worse, the likelihood of a depression becomes more likely.