Is the United States basically into an economic depression?

Question

Ok, I am 14, so I have a sheltered life when it comes to money. But, are we basically in a great depression isolated in the US?

Answer 1

the last time we went into a depression was because the stock market crashed. Things are alot more complex now. I don't think we are in one now, and if we do get in one, things will be alot worse then the last tijme it happened.

Answer 2

The biggest cause of the great depression is when lots of people quickly lost faith in the banks, and basically took all their money out of the bank... which caused the banks to go out of business and anybody that DIDN'T take the money out of the banks lost that money. When the banks collapse, so does the stock market, then everything else. Now, there are ways that prevent banks from going out of business (like the FDIC-those stickers on the windows at the bank. Basically the government insures all the money you put into the bank so if the bank goes out of business, your moneys is safe... for the most part)

Are we in an economic depression? Yes. In most indicators of the economy (stock market, food prices, housing markets, interest rates), we are at the worst point since the great depression. So yes, we are definitely in a depression. Just not a "great" depression... yet.

Answer 3

yep and its gonna get worse before it gets better so knuckle down and give up the wantees! and stick to the bare bones.

Answer 4

not yet anyways most people blame oil but its much more than that stock market is screwed im 14 as well so but im into that kind of stuff post revo

Answer 5

I would say it's about to be in an economic depression if bush continues like this

Answer 6

Not a great depression, but we're definitely in a major economic slum right now. The prices of everything have gone up largely due to the fact that oil runs our lives. It effects the price of gas, which effects the price of everything being transported (food, etc).

Also, we are having a big problem with the cost of houses. Nobody is buying because the prices are too high.

People are losing trust in the stock market and investors are getting worried about the way things are going. These things have triggered a depression in the past, but for us to have one would require things to only keep getting worse. Considering the Bush Administration is currently doing next to nothing about what's going on (and what they are doing is taking too long - people need immediate relief), I could see a possible depression in the future if things don't change soon.

Answer 7

yeah and you can blame Bush and the war spending billions everyday over there in the middle east.