by 
sloppywet
ANSWERS: 7
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Way Past It;)
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I think we're headed that way..not there yet.
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If you still have your job, it's a recession. If you lose your job and can't get a new one, it's a depression.
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We are officially in a recession, I don't know what has to happen to make it a depression though. We could be heading that way though. I think so.
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There is no concrete definition of depression. Let's put it this way, things haven't been this bad since 1929.
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No. Unemployment is at 6.8%. Most are saying unemployment will top at around 10% before the economy starts to recover. The Great Depression saw unemployment at 25%. You have to also understand that there are many families nowadays that have two incomes. In The Great Depression there was only one income per family to sustain people. I think this recession will certainly be severe but that it won't really come close to The Great Depression for that reason and for a lot of reasons. The people who see a Great Depression coming are limited thinkers. They think the whole situation is like a potted plant and that everything will just keep sliding and sliding down. Well, many things have been put into place to stop the bleeding that will start to work and many more things when Obama becomes President as well.
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We have been in a 'recession' for over a year, and the government just admitted it. That means, since they admit to a 'recession', we are in a depression. I've not had a job for over 2 years now. Thank goodness for my family and Arisztid. Without them, I'd be dead by now. Truly.
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