Is america going into a new depression era?

Question

what are your facts/ knowledge/ opinions about this?

Answer 1

Having lived thru the 1960s, 70s, 80s, 90s, and whatever you call this decade, I'd have to say that we were worse off in the late 1970s.  

The unemployment rate was much higher.  Tons of people were out of work.  There were no jobs in the paper.  Today, there are jobs listed in the paper.  Many.

Interest rates on loans were from 12% to 24% - this on cars and mortgages.  So no one was buying cars or homes.

The only thing pointing to a dpression might be that suddenly, people can't satisfy their wants as readily as they're used to.  But most have the necessities, and a lot of things which previous generations never had - cell phones which they replace frequently, big TVs, computers, expensive clothes and shoes.  Prior generations had much more generic, less frequently replaced goods.  And were happier with it.  

Answer 2

Sort of.

Main reason people are noticing it right now is because our standard of living has gotten so high, and the media controls things so much and with all the new technology we've got the devil and angel on our shoulder going 'you need that new ipod!' and 'you can't even make rent money!'

people want bigger, better toys but with the rise in gas prices and stuff, it's just unreasonable

so they begin to think of ways to blame the government for their financial problems

yeah, Bush has screwed it up

but there are still a lot of things we buy that we don't even need

Answer 3

Funny, America isn't even in a recession. The EU are Japan are currently in a recession.  

Answer 4

Not yet but things are slowing down. It will be a recession in the next year or two but a depression is still a way off.  

Answer 5

In the late 70's ...that was the complete worst...most people today still have their jobs...plus tons of people are on welfare,out on disbility, and work for the government then ever before...

Answer 6

Mort Zuckerman said this will be the worst recession since the great depression.

although we had a recovery after the first Bush recession, this is the first recovery where the only part that recovered is corporate proftis...all other economic indicators are down

Answer 7

Since 1970, the median real income of Americans has dropped while the wealthiest 1% are earning unimaginable compensation. This difference in class income is one characteristic of a depression.

Every presidential administration tweaks the definitions associated with economic measures to make their administration look better. If you were to go back and undo all of the adjustments, you will see that we are in a very serious depression already. Unemployment rates, for instance, are very understated today as compared to previous definitions.

Answer 8

that's what the experts say, and the gov tries to hide from you.

Answer 9

We have been in a depression ever since the republicans took control of both Houses and the White House! They have paid off their friends in the Saving and Loan business, they have paid off their friends in the oil industry, and they have paid off their friends in the mortgage industry! They have run up the biggest deficit any nation on Earth has seen since the pyramids were built by the pharaohs! They have decided to clean out the Social Security fund before they leave office! After that they will make sure any private funds that remain get sucked into that black hole of a war in the middle east! And when it's all done you won't even be able to file for bankruptcy because they've changed that for the consumers but made it easier for corporations!

Answer 10

Harry Truman said

" a recession is when your neighbor is out of work, a depression is when you are out of work..."

Answer 11

Depression?  No.  Significant recession?  Yes.