Is America going into another Great Depression?

Question

Is America going into another Great Depression?

Answer 1

Unfortunately if the US continues on this same path then yes it is possible however it would take a number of years from now to actually enter a second "great depression." As far as the economy goes we are in a big jam.

One major issue is that housing sales are dropping dramatically and prices are coming down as much as 20% from the appraised price. The major housing markets (L.A., Miami, San Diego, etc.) which bring in substantial amounts of money to our government due to property taxes are down and this is causing less money for the government to spend which leads to budget cuts which leads to less jobs.

Also right now people are under the influence that we are going through a great depression so therefore they want to keep their money safe, so they don't spend. This causes less movement in the consumer product economy which means products and services offered by companies are not being sold. Therefore, companies are being forced to file for bankruptcy.

All-in-all my hope is that with the upcoming elections that political parties both democrat and republic will put their differences aside and do what is right for the economy. If not then we are going to continue to enter into a recession and eventually into a repression. The answers aren't as simple as spend more money and the economy is better, it is more a case of dealing with two factors.

1) Certain industries are being hit more than others, especially services that are outside of the needed and become luxuries.

2) People are in mass fear of a depression so somehow holding onto their money is going to make things better when the depression does come... yes I see the lack of logic in this thinking.

Also it is important to realize that the baby boomers are entering the retirement years, so now there are going to be more people collecting social security and less people working which is another issue in itself but one that could assist in leading us into another great depression.

All in all there are multiple ways out of this situation but it is going to take this generation, yes THIS ONE!!! To stop blaming the past generation, even though yes I know they have a lot to do with it, and take a stance to fix this issue. Hopefully this happens.

Answer 2

you bet ye.

Answer 3

No, things are fine.  This is the typical media s******g with your head for an objective.  There is a long road of events before we can worry about a depression.

Answer 4

No, I don't think so. Apart from the credit crunch, it is mainly lack of confidence which seems justifiable because of the rise of China as an economic power.

Answer 5

This one won't be as "great" as the original one. Bad, but not so bad.

Answer 6

worse,  difference between now and 1929,  more people today and we are much much much more violent

an economic collapse will bring utter chaos, while other countries sit back and laugh while we kill each other for the last drop of gas and the last piece on caviar

Answer 7

We aren't even in a recession yet. What's with the doom and gloom?