Double dip recession/depression

[Meghan]

Do you think we are headed for a double dip recession or do you think we are and have been in a depression? I tend to think we are in and will continue to be in for sometime a depression. Although all our so called economic experts kept shouting we are in a recovery I don't know anyone who has seen it. I know more people now out of work or losing their homes than I have ever before. How can we possibly be recovering with so many people out of work?

[ellie]

You are absolutely right Meghan we as a country can't possibly grow economically if such a large number of the population remain unemployed. Have you seen the stock market numbers for today?

[mountainmama]

Actually, technically we are and have been in a depression. Economists and politicians are loathe to lose this type of terminology though as it generally would create a more panicked state in people's minds and would further compound the issue as people began "reacting to the news".

[Meghan]

I have thought that we were in a depression too but I didn't know the technical difference between a recession and a depression. All I really know is that I hope it gets better soon although I read a report that said we would have to create 200,000 jobs a month just to get back to unemployment numbers from 2008.

[outdoors Joe]

I've read that it could get very bad if Congress doesn't renew the Bush tax cuts. Let's hope they side with the people on this one and renew them.

[simplegal]

I don't necessarily disagree with renewing the tax cuts but...where, how, and when are we going to come up with the money to pay off the National debt? Taxes will have to go up at some point other countries are not going to loan us money forever.

[SallyA]

Those are good points, simplegal. It seems that our government has placed us in a "rock and a hard place" situation. If the tax cuts aren't renewed, we are likely to go into a deeper recession or depression. If the tax cuts are renewed, there is less money for the government to use, hopefully to start paying off the debt, though it doesn't appear that paying the debt off is high on their list of priorities.

[Meghan]

No Sally it certainly doesn't appear that paying off debt has even crossed the current administration's mind. They better come up with a plan quick though because I imagine it will be a big issue in the next election.

[eazyduzzit]

I'm definitely no economics expert, but a couple o years ago our business slowed to the point that we were begging for business. This year has been just the opposite. we have been so busy we can't keep the phones answered and all of the businesses I deal with have been saying they are in the same situation.

I know a lot of companies have laid off a portion of their staff and our company has too, and even though we have more than we can handle, they aren't hiring them back. I think it's the same all over the country. If they can get by with less people they are doing it, and putting it on the bottom line. I'm of the opinion this is one of the reasons for the high unemployment rate.
I know this isn't the whole story, just what I've seen personally.

[Queenie]

I see some things that have gotten better and hopefully they will stay that way. My husband works at the ports where all the goods come in and this year is definitely better than last year so I think that is a good sign.