Financially, are we in a depression as opposed to a recession?

Question

I believe we are, but these perky little people say we aren't

Answer 1

i'm not depressed

Answer 2

we are.

Answer 3

The terms Depression & Recession- are used to describe the financial situations of a LARGE number of People... So if You go by THAT definition, then it's probably fair to say that Our Country is currently in a MILD Recession... HOWEVER; if You look at the growing # of Individuals- who have lost their Jobs, Foreclosed on their Homes, & are filing for Bankruptcy... -then it's certainly going to look like the Country is in a Depression- to THEM ! So it all depends on who's experiencing WHAT, at any given time... :(  

Answer 4

When I was a kid we had no cars on the roads, no one had a TV, there were no computers, no mobile phones, no ipods, no designer clothes, no holidays abroad, no dvd´s or cd's, no fridges or freezers etc etc. Bearing that in mind, if you stop buying all of those then you will have more money in your pockets and life will be much easier if you are about to lose your job.

Recessions have come and gone. This one will be just the same as all the others.  

Answer 5

Well, if your working and can't make ends meet, your in a recession. If you lose your job and can't find another, your in a depression.

Answer 6

I'd say closer to depression.In my area,just this week another large plant folded.As did three others.Two of them were in business for decades.We're ten trillion in debt.Unemployment is at record levels.Everything else has almost doubled,if not tripled in some cases in price.It's not just us,but what we do affects alot of the world.China's booming though and so is Wal Mart!

Answer 7

I actually saw an interesting bit on one of the news channels today. It stated that as long people can stand in line for a video game or the latest phone which are ridiculously expensive,  Then the economy isn't that bad. I somewhat agree, there are people that can't make ends meet which is due in large part to gas prices  which in turn causes the prices of everything else to go up. It makes it a little harder to "get by" when the prices of everything go up all at once. However at the same time people are spending money, so we can't officially be in a recession or a depression yet, that is "officially". The reality is that too many families aren't living as "comfortable" as they would like. I would like to know what this is called, if not a recession or depression? I guess those words would scare too many people so they have to keep us optimistic so we will spend money and so forth. Good news is that Gas is steadily going down, lets just hope it continues!

Answer 8

Regardless of what either party says and Especially what the news media says, we are NOT in a recession OR a Depression.

The media is hanging the label because they are attempting to do all in their power to get their guy elected.

Recession is defined as having a Loss in the Gross national Production for 6 consecutive months, Our stats have been down from month to month but it has NOT gone below zero, or a negative production.

So regardless of YOUR situation the nation is NOT in a recession.