Is the US economy in a financial depression or recession?

Recession. A depression is defined as: "A depression is any economic downturn where real GDP declines by more than 10 percent. A recession is an economic downturn that is less severe."

A recession is defined as: " The standard newspaper definition of a recession is a decline in the Gross Domestic Product (GDP) for two or more consecutive quarters. " However, if we continue to spiral downward, we may be looking at a depression.

It's technically a recession, though everyone seems to be getting depressed about our current situation.

Unemployment now is at 8.1%. Unemployment during the Great Depression reached 25%. en.wikipedia.org/wiki/Great_Depression_i... During the Great Depression thousands of banks failed.

Right now, less than a hundred have failed. "In all, 9,000 banks failed during the decade of the 30s. " livinghistoryfarm.org/farminginthe30s/mo... Gross Domestic Product fell 25% during the Great Depression.It's no where near that now.

On a personal note. My grandfather lost his farm in West Texas during the Great Depression.My dad lost his job during some of the recessions that he lived through, and he had a difficult time finding another, but he never came close to losing his house. I have been laid off during recessions but always found another job quickly.

My son is still employed at his job as the economy sours.

I think that it is a short term recession that is giving way to a long term depression.

I will say 'it is still in recession'. If the recession goes on 'it will enter depression like the Great Depression of 1930s.

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.