Will 1930 economy depression return?

Question

I have often been told to study a job I like but the economic times now does not allow people to chose what they like anymore. The US dollar has sunk to the point that it surpasses all prior recessions that only "black Tuesday of 1929" can surpass it.

Besides do "positive" economists have any solid proof 1930 will not sink in??

Unemployment, low wages, gas prices, etc. will greatly decrease consumer spending, eventually frustration from low sales will force companies to downsize or outsource even more. Rinse and repeat paragraph.

How do we break this cycle?

Answer 1

I don't know who you're listening to, but we're not in a recession. Last quarter showed a 2% growth. That's a positive thing.

Also, unemployment has never been lower and wages aren't really that bad for those who choose to work. This is the only country where you can make a million dollars doing what you like, as long as you work at it. I admit that lower taxes would help, but we gotta pressure congress to help in that regard.

Now if we could just get Pelosi and the democrats to let us drill for oil here in the US, we'd see lower prices immediately. The price of oil affects almost everything we buy.

Your best bet would be to read or watch some economic analyses instead of getting all your news from nick at night. (just joking...)

Answer 2

Many respected economists would agree with you that the current economic recession will last for a long time.  And it probably will get a lot worse than it is now.

I think only the rich people should study whatever they like without any worry about their employment afterwards.  If you aren't rich.  Then you have to consider what professions will likely be in demand in the future.  And study that.  Or else you may end up working at MacDonalds for the minimum wage, despite your college education.

Too much borrowing by consumers and the US government is what led the US economy to this recession.  And the best way to avoid these kinds of problems in the future is for everyone to be more prudent in terms of money.

People who borrow too much usually suffer too much when they have to pay back their debts.  And there is no need to repeat this again and again.