Answer: 2011 is worse. From Graham Summers at Zero Hedge:
My point with all of this is the following: we have entered a period quite similar to 2008 all over again. Energy and food prices are soaring. And the US Dollar is collapsing.
The only difference is that this time around, the US economy is FAR more fragile than it was in 2008. The average American has far less to fall back on than in 2008. And there are far fewer people with jobs than then.
On top of this, the US debt load and balance sheet is far FAR worse than it was in 2008. We’re running deficits and debt-to-GDP levels comparable to Greece.
In other words, when this mess comes unhinged it’s going to be much, much worse than in 2008. And believe me, it WILL come unhinged…
This has been my view all along – the efforts to stave off the crisis will, in the end, only result in a worse crisis. Remember how we got in to this – borrowing too much while continually running down our ability to create the wealth which be the only way to pay the debt. Since 2008 we’ve just done that same thing, except now on the steroids of massively increased money supply. The bow was over-stretched in 2008, snapped and then was tied back together…now the bow is over-stretched, again, and there is no way to put it back together again when it breaks.
We’re going to have to realize that we can’t have manufactured goods without manufacturing; that we can’t have food without farming; that can’t have investment without saving. There is no free lunch – everything has to be paid for. We’re going to pay for the folly of past 80 years with a bout of poverty and no amount of hopey-changey money-printing is going to alter that fact. And we’re going pay extra for it because we elected a President in 2008 who understands nothing.
Just get ready for it; pay off your bills or otherwise discharge them if the burden is too high. Save as much as you can (I know, in an inflationary time that is hard…but I fully expect deflationary time to follow this…so, saved money will be a great thing). Learn to live with less; give up dreams of a big house, a fancy car and a swank vacation. Get back to church/synagogue/mosque/temple or what have you – regardless of how you slice it up, God is going to be your only certain friend and helper. All of this can and will be endured – and I think a better America will come out of it.