Deepening Recession or Early Depression?
All economics is local.
As I watch over half a million jobs vanish every month, I remember periods of my worklife when I was unemployed. Today I draw social security and a fixed corporate pension, so I am not counted as "unemployed" or a "discouraged worker." If you are out of work, underwater with your mortgage, having trouble paying the propane, electric, insurance, and credit card bills - this rates as a Depression for you. Especially, if it's been six months, a year or more since there was enough income to live on.
When I drew down an IRA account last July to pre-buy the winter's supply of propane, I felt we were sliding into a place I thought we could avoid by living frugally. Today we are part of the consumer movement called "don't buy it if you can get by without it."
How about you? Recession? or Depression?
Any way you call it, Hard Times have come again to America.