Is America going through a depression and a economy recession?

Question

I was told there was a economy recession and a depression going on and people were losing their jobs because of it. Is this true?

Answer 1

We are in a recession and headed for huge depression . Advice; get prepared fast .

Answer 2

No that is not true.  We have a lot of debate (people in this nation-we) over whether we are in one are not, but really we are not.  Well the textbook definition of recession is that we are not.  What is the definition?  Its when there are two consecutive quarters of negative GDP growth.  Yet GDP growth in the last few quarters have been positive.  Yes the final quarter of GDP growth in 2007 was negative.  But the following one (as well as preceding one-were not near negative.  True the economy isn't too strong at the moment and yes things could be better, but it isn't a recession.  Our economy is resilient and is hanging in there.

Yet people keep saying we're going to crash, but we're not and things will be okay.  Economists don't believe we'll hit a depression.  We're not going to hit it- and are far from it esp since there isn't a recession- and recovery will come.  I predict it will come in 2009...after a recession in the final quarter of 2008 and beginning of 2009...it will be rough during then, but we will make it.  Then things will gradually get better.  Within a year, the recovery will be done and things will be much- all better, around that. :)  Meanwhile we'll be dealing with problems like slow markets and unemployment,

Hang in there is what I think we need to do and I hope for improvement faster than my predictions (which are also based on other predictions by experts). Things will be okay in a long while...it will be rough, but things will be alright.

Answer 3

Well I wouldn't say depression, when I think depression, I think of the great depression of 1929. And we are nowhere near that. As far as a recession, some people are on both side of the fences, depending on what you look at it. But the bottom line is, our economy is not doing well.

Answer 4

uhh, yeah.  The game is rigged like at a carnival.  The US government has pumped a Trillion $'s into the economy this year and we're limping along.  Now they're talking about more.  It's on life support.

Consumers continue to borrow.  Credit is tightening.  People are losing equity in their homes.  People are losing their homes.  Energy is much more then it was a year ago.  Unemployment is accelerating.  The $ is down.  The fed continues to print money.  The federal deficit continues to grow.

October is always a big month for the market.  I expect a very volatile October.

Consumer spending this Christmas season will be way down.

More stores close next year.

More layoffs, more falling realty values and a lack of credit will all contribute to an extended period of stagflation.  

Answer 5

No it's not true.  There is no depression or recession at all.  There is a housing market collapse though.

Answer 6

All I can say is that in my house we certainly are.