Are we going through a modern day depression?

Question

If so, how is it affecting where you live and your lifestyle? My family made a huge transition into having a more healthy and conservative lifestyle after my father (dropped?) his real estate career.

Answer 1

This has not been much more than a hic up in the economy.

Those that have borrowed too much money might be in trouble but those of us that are living pretty close to debt free are thriving.

My parents remember the great depression. This does not even come close.

Answer 2

This is not like the 1930's depression. That depression came on because of demand being satiated, pipelines being full of goods, prices falling because of over-supply, costs of production falling.

There was no significant shortage of anything driving that depression.

So, while there are similarities, there are major differences too.