As Americans we are starting to speak- not whisper- the word "depression." Most adults, if you ask, say we're already in a depression, but when you ask economists' they say that there's no way possible....
Today's economy woes are nothing close to the Great Depression, even if it feels that way to some. Starting in 1929, the U.S. economy shrank for four consecutive years. Unemployment in the 1930's was staggering, above 20 percent for four years. In 1932, 24.9 percent of the labor force was jobless. As of today its 6.1 percent. In 1940, the economy still was smaller than in 1929 before the stock crash. The economy today wounded, continues to expand. it grew an annual rate of 2.8 percent in the second quarter.
Most people of today believe that the economy will get worse before it gets better. They expect their taxes to go up, and many worry about affording retirement or maintaining their standard of living. Nearly half of us worry about our homes losing value, and about 75 percent of us are considering taking our money back out of the stock market. Trust is shifting from stocks and real estate to federally insured bank CD's.
And a little less than half of Americans have postponed, or are thinking about postponing a big purchase. More than half Americans are worried about having enough money for retirement. More and more people are becoming conservative with their money and how they spend it.
Now I need to know how you feel.... Do you believe we're in a depression???
2 comments:
No. We are not in a recession yet...that will certainly happen if Barrack Hussein Obama gets elected and raises taxes likle he says he has too do to pay for all the social welfare programs.
we are dam close to a depression let the stock market keep falling and people keep panicking and pulling there money out and it wont be long.
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