[lbo-talk] How bad the recession?

[James Heartfield]

I was arguing with a friend about this, and wondered what the view was here.
Apart from the rhetorical arguments etc. what would listers say was the answer

1. Have living standards fallen since end of 2008?
2. By how much?
3. How does that compare with recessions of, say 1980, or 1930?
4. Is there worse to come?
5. Are there regional differences?

(Partly I ask because the position in Europe seems so mixed. Peripheral countries like Ireland, Spain, Portugal and Greece have suffered very much, though Germany and Britain seem pretty calm, so far.)