You know, that's what suprises me about the Great Depression history, too. American's didn't have any type of major social episode that you would've expected. Other countries will start riots if the inflation rate up-ticks by 1%, but America...we remain docile in the face of this ugliness. It's a good thing, as I would rather not deal with widespread looting and riots. I've had the unfortunate experience of being inside a country when it implodes, and many people instantly become criminalistic...it's not a pretty sight.
If we have widespread social unrest in the U.S., and I honestly believe many of the areas will, look for massive gunfights. Thankfully, the good guys have armed themselves to the teeth over the last decade, and won't hesitate to protect their property and, especially, loved ones, when the thugs come around looking to engage in their criminality. Can you imagine if all those Korean and Vietnamese grocers in South Central were each armed with WASRs or ROMAKs, shotguns, pistols and about 3000 rounds each.
http://globaleconomicanalysis.blogspot.com/2009/05/wages-contract-in-us-uk-japan.html Wages deflating worldwide, overcapacities in global production as well as in the labor markets, real disposable incomes per capita BEST CASE will grind sideways over the intermediate-term, even accounting for all stimuli and government transfers.
Lots of the unemployed don't need that much to get by on. Having a residence paid for is a huge leg up on the guy that is living payday to payday, just huge. People can grow veggies, learn to trade, work in the underground economy selling dope or doing odd jobs. Don't underestimate the underground economy, pot alone is $40 billion a year in the US. Worldwide drug sales legal and illegal dwarf arms even in dollar amounts.. what a world we live in, the two biggest sectors are arms and drugs.. I do like Obama more as time goes by. I campaigned against what he said he was going to do but so far he's not doing much of it... Corporations were getting tax breaks to ship jobs out... if he's closing that, good... what kind of government gives tax breaks for those that destroy jobs?
I grew up in Germany. They have social unrest about free university education. They have social unrest about unemployment benefits being reduced from 3 years to 2.5 years. They have social unrest about actuially having to look for, like, at least one job interview per year while on the dole. They have social unrest about free healthcare for everyone. They have social unrest about extremely subsidized housing when it goes up one dollar/month. They have social unrest about stuff that other countries do that's none of their business. It's a way of life over there. (some of my examples are exaggerated)