With the way the economy is going...increased food and gas prices, no increase in income, loss of jobs, seriously declining housing market....will we be facing another Great Depression soon? If so, what can we do to prevent it? Or how can we keep our families safe?
2007-12-07 12:28:31 · 15 answers · asked by FreakyGeeky 3 in Social Science ➔ Economics
Nobody knows the future. But Americans have been living beyond their means for many years now. They've been borrowing money from the rest of the world and spending it freely on various comforts. And this probably won't continue indefinitely.
Sooner or later the rest of the world will get tired of lending money to USA. And they'll want to be repaid the money they've loaned so far. And that will result in Americans cutting back and living below their means. Because instead of having lots of borrowed money, they'll have to pay for their previous spending of borrowed money.
The standard of living will definitely come down for most people in USA. But as long as they don't loose their jobs, then it won't be a Depression similar to the one in 1930's. During that Depression 20-30% of workers were unemployed.
2007-12-07 12:41:26 · answer #1 · answered by Anonymous · 1⤊ 0⤋
We are going into a RECESSION, not a depression. A recession is far less worse than a depression, and at this point, there are no indications that our economy is about to fail. It's a misconception that the world around us is crumbling, and there's no reason to go into panic mode at this point. The economy is always in flux, with periods of time with high success and others with low. It's a natural thing and soon enough we will be out of it. Believe me, if another Great Depression is coming, you WILL know. It's just like a plane ride: there's going to be some turbulence, but the plane isn't going down as of this moment.
2007-12-07 12:41:37 · answer #2 · answered by Leonard 2 · 1⤊ 1⤋
I don't believe a Great Depression will happen again. The Depression was cause by a great decrease in American spending after the Stock Market crashed. This lead to fewer raw materials and finished projects being needed. This ended up with fewer jobs for the entire world. Since I still have trouble finding a decent parking spot at the mall this Christmas season, I truly don't think we are cutting back on our spending enough to hurt jobs.
2007-12-07 12:39:15 · answer #3 · answered by Cindy H 2 · 0⤊ 0⤋
Well I believe this is much more than a recession. It will soon become another Great Depression. You can thank the large corporations and our great government for that. However, the reason we have loans from so many countries is actually because they owe us. We are much richer with or without their loans, but we give them protection and weapons in return for their resources and money. If you want to be great take advantage of a depression and capitalize.
2007-12-07 16:06:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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2016-05-16 05:04:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I think America learned a lot from the first GD so I'm sure that, were we to be near another one, preventative means would be taken. Rising gas prices and such, while not necessarily regulated now, I'm sure will be once the problem gets severe enough. I mean, think of all the means being taken to keep us from needing gas at all.
2007-12-07 12:33:48 · answer #6 · answered by Zac 4 · 0⤊ 0⤋
No, we have learned a lot from our mistakes during the late 20s and early thirties. The Fed didn't act as a lender of last resort to help prevent bank runs...and we were not able to increase our money supply..
2007-12-08 16:54:48 · answer #7 · answered by Anonymous · 0⤊ 0⤋
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2016-08-06 10:35:53 · answer #8 · answered by ? 2 · 0⤊ 0⤋
The days of Great Depression(GD) have gone for ever .There may be slight recession and there are known ways and means to handle it.However,Americans have to learn to live within their means and not with negative personal savings,as of now.If you call that adjustment as hardship,then it's better you revise your definition of life style.Otherwise,just relax and have a beer/coke.
2007-12-07 18:37:00 · answer #9 · answered by brkshandilya 7 · 0⤊ 0⤋
i do agree that our society is going a little crazy i reckon people should go for natural products to help the environment and stuff and start saving money
2007-12-07 12:32:36 · answer #10 · answered by - 3 · 1⤊ 0⤋