Are We in a Depression?
Everyone in America knows that we are suffering some sort of economic crisis. You can’t help but be affected by the way our economy has turned downward. How bad is the economy? Most experts agree that we are officially in a recession. And many others have said it’s a severe recession. But is it so bad that it is a depression? And what exactly is a depression? A depression is a severe economic downturn that lasts several years. Fortunately, the U.S. economy has not experienced a depression since 1929, which lasted ten years. And hopefully the economy turns around soon, so that we can stop having the debate of whether or not we’re in a depression. Personally, I think everyone evaluates the economy based upon how they are personally affected. Do I still have a job? Has my pay been cut? Am I able to pay my bills? Am I able to buy the things I need? The things I want? These are some of the questions each individual ask himself or herself before they decide whether not we’re in a depression. Of course the way the things have gone over the past year were all in a state of depression. But that depression is a separate matter to be discussed at another time.
