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Anonymous
Anonymous asked in Social ScienceEconomics · 1 month ago

So, are we technically still in a "recession" or is it now a "Depression"? when the cross over happens and why, how depends/?

why nobody is talking about this? are we still in a recession or not? when does it become a "Depression"? will it? why?

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  • 1 month ago
    Favourite answer

    You know how some words used to be brand names but are now generic?  Kleenex, escalator, kerosine, crescent wrench, etc?  'Depression' is like that.

    When the stock market crashed and people began losing their jobs and homes, President Hoover said 'This is not a recession! Only a slight depression!'  IOW he meant 'depression' to mean something less than recession.  But then people began calling it 'The Depression' and it got worse and worse, and now we call it The Great Depression.

    We've had recessions since then.  In the 70s, at the end of the Vietnam War, we had one of the worst since the 30s, and we re-defined 'recession' to mean two consecutive quarters of negative growth.  The recession of 2008/9 was bigger than the Nixon/Ford/Carter recession but didn't last as long.

  • Anonymous
    1 month ago

    We never know until after-the-fact because the future hasn't happened yet so we have nothing to compare it to.  We may think we're doing okay and it's going to get better but I'm sure that's what people thought before WW2 happened.  Maybe the worst is yet to come.

    Whatever happens it will get better eventually.  Nothing lasts forever (fortunately in this case).  I'm sure at some point when future generations are prospering they'll look back at this moment in history and say "That was the Great GREAT Depression!"

  • 1 month ago

    The COVID-19 related recession has ended and we are back in positive growth territory. 

  • Oiy
    Lv 7
    1 month ago

    TheUs was declared officially in recession in the first and second quarter of 2020. And it was declared over technically in December 2020 with the growth of 4%. Everyone has been talking about it. The Fed has agreed that it is over, but it is still behind the potential.

  • Anonymous
    1 month ago

    The last Q under Trump was the highest growth in US history

    The media will use the last two quarters to determine a recession although technically the NBER is who makes the decision regardless of what the growth is. 

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