seems like everyone i know is having trouble finacially. weather they are making 75k a year or 40. will it get better anytime soon? could it be gas and utilities rising? pay not compensating for inflation?
2007-06-28 19:35:16 · 4 answers · asked by nikki12676 2 in Social Science ➔ Economics
No. Depressions/recession are times of high unemployment and negative economic growth. What is happening now is growing income inequality. The economy is growing but most of the gains are going to the well off, and most people have jobs but their inflation adjusted wages have stagnated or fallen. There is no reason to think it will get any better in the near future because the Bush administration does not think there is a problem, so they are not even looking for solutions. Some economist think it is a natural result of globalization and nothing can be done, so people will just have to reduce their standard of living/lifestyle.
2007-06-28 20:26:22 · answer #1 · answered by meg 7 · 0⤊ 0⤋
I wouldn't say we're in a depression, rather we are on an upswing economically as a nation. Recently, the closest we came to a depression was the economic recession of 2002, in which the unemployment rate went up to 5%. This was just a hiccup compared to the great depression beginning in 1929, when the employment rate climbed as high as 30%!!! Some people are still having a hard time, but by and large, the nation has recovered, and we are "climbing a mountain." If you look at the stock market, things have been going upward for a while, and generally, we're doing okay right now.
2007-06-29 02:41:29 · answer #2 · answered by Dan in Real Life 6 · 1⤊ 1⤋
Hell no, we are not in depression. It's all a matter of the amount of expenditure and your own assumed lifestyle.
2007-06-29 03:22:34 · answer #3 · answered by Anonymous · 0⤊ 1⤋
yes!! no one i know has any money right now myself included
2007-06-29 02:39:44 · answer #4 · answered by bethpihlaja 2 · 0⤊ 0⤋