Economically, are we headed for a deep depression?

Question

Economically, are we headed for a deep depression?

Answer 1

I am not sure we will ever experience the type of depression our grandparents or grand-parents knew. Although I do not believe we are smarter or better than they, we have a lot of macroeconomic history that they didn't have.

Because the response to the Great Depression has been analyzed by every economic body, and because we have almost 100 years of experience figuring how the Government and Federal Reserve influence the economy, it is highly doubtful that either institution would respond the way Herbert Hoover did, that is, to do nothing as the economy crashed.

So, the economy may slow, unemployment in the USA has never been as high as in 1933, and not higher than 10% in the past 30 years.

Answer 2

We must learn to respect our great universal Laws. Law of Conservation (of Mass or Energy or Wealth) and Law of Equilibrium. We must believe these two laws. Nothing will happen to our economy. Nothing will happen to mankind. We will quickly recover. It is high time that we start studying wealth the way chemist studies matter. If we follow economists (who are like medical students scaring patients with several names of diseases unheard of) we will unnecessarily create heart problem and blood pressure.

Answer 3

It is the worst that I have ever seen it and I'm 46 in about 2 weeks. My mother and father were raised during the depression of the 1932 and 1940's  they said it was a lot worse then and with the way they are running up stock on the barrels of oil to me it looks like we are not going to be able to afford anything. I think some of it is political and the other I think is part fault of the stock market and the oil companies. The government is still getting their taxes no matter what. I do not know about your State but the Charlotte N.C. roads are terrible. I thought the taxes from fuel was suppose to go toward the roads. I think it is going into unnecessary political spending WASTE. I lived in TX and  there gas prices are about the same and they have many more highway and they are in excellent shape. In some of the smaller towns I lived in the had a pull off lane for farm equipment and slow drivers in respect of other drivers they n would pull over with plenty of room. Here they are from northern cites and will run over you or run you off the small and narrow roads pot hole roads... If we could get some political officials in office that  were honest maybe our economy could make a come back. but the way it is if we someone honest in there they would start murdering them.  I guess private citizens need to start a watch dog group and auditing the goverment. Maybe cut a few positions that is not necessary.............