Is the US economy headed toward a depression?

Question

What factors lead us to the Great Depression and do any of those factors exist today and at what extreme do they exist?

Answer 1

well it doesn't help that there are certain people out there that are using the government for all it's worth...

Answer 2

that is a real depression if the answer above is true. anyway, I felt shocked and unbelievable.  

Answer 3

headed? the US economy are in a depression - if you like it or not its true.

my american relatives are facing losing their homes and vehicles. - this is what my uncle said in an email recently

"Oil prices has sky rocketed driving the price of everything up, health care rose something like 12% meaning more money taken out of pay checks.  Everyone in the middle class is making less and it is costing more and more to live. " "To be honest, we are struggling to keep what we got.  Yes we got a nice home and trucks today, but we live on credit and owe making less than what we earn now.  In short, if things don't change and change very soon.  In a matter of months we will loose our home to foreclosure and one of our trucks will be repoed. " "There is so many homes banks are foreclosing on putting people out and having to live in multi-family homes now." "It is so bad, banks are foreclosing on homes, then those homes are not selling and forcing banks to close the doors and go out of business.  1 of 3 banks I have right now is waving all late fees and taking interest payments alone to get what they can.  Citifinacial yesterday said over 50% of their loans is in default because customers simply can not pay and keep utilities on and food on the table.  Flat out, they can call it what ever they want to smooth things over, but we are in a depression and getting worse with each passing day."

"had an employee meeting and informed them they was closing the doors and shutting down the plant.  That's about 300-400 people going to be out of a job in a few short months.  That is a big hurt on this small community we live in.  That will make 4 out of the 5 big job employers in this area to shut down and close the doors in the past 2 years and the last one already announced they are going to down size at the end of the year to about 25% of their employees leaving around 100 people working there.  Only thing left is fast food, grocery stores, petro stations, pubs and liquor stores to work at.  All pay just base pay $4.25 an hour a far cry from the $12.00 an hour jobs we once had.

To work a good job now is to drive about an hour or more one way."

doesnt sound good, but its not just the US. inflation in the UK is up 12%,