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Do You Think the US Is Facing Another Depression?

Do You Think the US Is Facing Another Depression?

The CNN/Opinion Research Corp polled 1,000 people over the weekend in a survey asking if the respondents think another economic depression is likely to happen in the US. The pollsters gave respondents the following facts about the Great Depression of the 1930s before collecting their answers: Unemployment reached 25 percent, there were widespread bank failures, and millions of Americans were homeless and hungry.

Of the 1,000 responses, only 13 percent believe another depression is not likely at all, 29 percent feel it's not very likely, 38 percent said it is somewhat likely, and 21 percent said a depression is very likely. In an effort to see if the respondents gave answers reflective of a larger population, I'm asking you the same question: Do you think it's likely another depression will occur in the US?

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kathili kathili 7 years
I feel like the institutions that have been in place since the Great Depression and our financial markets/systems the way they are now wouldn't really allow such an extreme depression to happen again, but I'm no financial expert..
fancifulfabi fancifulfabi 7 years
The media only exacerbates the problem by talking about it like it's the Apocalypse. I think we are definitely in a Recession, but we just have to ride it out and remember that low points are inevitably followed by economic boom.Some of us if we're lucky enough can seriously take advantage of this by purchasing cheap stocks and affordable homes while the time is ripe, because their values will eventually go up and since we're young we'll have plenty of time to sit on them!
Britney-Kayla Britney-Kayla 7 years
going to get*
Britney-Kayla Britney-Kayla 7 years
I'm with you on that Hippiecowgirl. I'm a little scared but I don't think it's going to great that drastic.
Spectra Spectra 7 years
Like others said, the government has put many programs into place that weren't there before the Great Depression, so I highly doubt we'll ever get that low again. However, the economy IS definitely in a downslide and that's fairly normal. In the Great Depression, the unemployment rate was HUGE and people were having trouble buying food and other basic supplies. But some of the hallmarks of a bad economy are definitely present: People aren't buying things like cars, appliances, furniture, etc. that can probably wait a few years. So yeah, we're in a recession but I think we've learned enough from history to prevent a full-on depression from happening again.
TxRdRaider TxRdRaider 7 years
I agree Piper! But I think syako got it right. Yes, we are in a bad time right now, but it's all cyclical and we will come out of this, it isn't nearly as bad as they are making it out to be. Our economy is still moving forward, just at a much, much slower pace than we are used to. http://www.bizjournals.com/dayton/stories/2008/09/29/daily34.html
heartbreakerx62x heartbreakerx62x 7 years
Things are never as good as they seem, and are never as bad either
syako syako 7 years
well if it teaches people to live within their means and not their "lush but can't afford it" lifestyles... the so be it...
Beauty Beauty 7 years
I think we're nearly in a recession, but not a depression. Like Juju said, in the Great Depression, lots of families couldn't afford food/clothing/shelter. (My dad, born in 1930, ate a LOT of beans growing up.) So we're nowhere *near* that, plus (as Psterling said) we have insured bank accounts and Social Security. The difficult thing is, we are nowhere NEAR seeing the effects of all of these bank failures. It's going to get worse, folks, before it gets better. And I think our "better" will be very different from the plush lifestyles some Americans have been used to. Just my two cents .
Beauty Beauty 7 years
I think we're nearly in a recession, but not a depression. Like Juju said, in the Great Depression, lots of families couldn't afford food/clothing/shelter. (My dad, born in 1930, ate a LOT of beans growing up.) So we're nowhere *near* that, plus (as Psterling said) we have insured bank accounts and Social Security. The difficult thing is, we are nowhere NEAR seeing the effects of all of these bank failures. It's going to get worse, folks, before it gets better. And I think our "better" will be very different from the plush lifestyles some Americans have been used to. Just my two cents .
juju4 juju4 7 years
It depends on what you consider a depression.I don't think that we will go back to having 25% unemployment, but it is definitely going to get worse than it is right now. Right now we are at something like 6.1%. I could see it getting to 10% or so.....but it would have to more than double that to be as bad as it was in the depression. I do think that there is a tendancy to be dramatic about the economy. Yes, times are tight and are going to get worse, but I think it is severly effecting a relatively small population right now. Meaning, most of us are cutting back on the unnecessary stuff, but we don't see middle class americans starving and going homeless. We've still got it so much better than those poor folks that lived through the depression. I don't want to belittle the tough times they went through by comparing it to ours. Back in the depression, many many families couldn't afford the basics of food, clothing and shelter.
juju4 juju4 7 years
It depends on what you consider a depression. I don't think that we will go back to having 25% unemployment, but it is definitely going to get worse than it is right now. Right now we are at something like 6.1%. I could see it getting to 10% or so.....but it would have to more than double that to be as bad as it was in the depression. I do think that there is a tendancy to be dramatic about the economy. Yes, times are tight and are going to get worse, but I think it is severly effecting a relatively small population right now. Meaning, most of us are cutting back on the unnecessary stuff, but we don't see middle class americans starving and going homeless. We've still got it so much better than those poor folks that lived through the depression. I don't want to belittle the tough times they went through by comparing it to ours. Back in the depression, many many families couldn't afford the basics of food, clothing and shelter.
lizs lizs 7 years
It's pretty much impossible to have a remake of the 1930's sort of depression, courtesy of new banking laws, new agricultural regulations, etc. However, if everyone and their mother continues to freak out about nothing, we will continue to see it in the markets. We've definitely felt a spike in inflation this year, which is never great, but it's part of life with a (relatively) free market economy.
GinaSnyder GinaSnyder 7 years
I sure hope not!
GinaSnyder GinaSnyder 7 years
I sure hope not!
lawchick lawchick 7 years
I don't know. Usually I think people are being paranoid, but my husband and I have had to cut back due to high gas prices and food prices --- and we have a decent income so I imagine things are very hard for a lot of people. I cannot believe how expensive food is now, and if that continues to get worse, what will people do?
psterling psterling 7 years
Americans are SUCH alarmists! We're nowhere NEAR the depression and we have tons of programs in place that didn't exist during the depression (FDIC, Social Security, etc.) that will prevent the same catastrophic scenario. Stop stuffing your matresses with cash and chill out a bit because all you Chicken Littles out there worried that the sky is falling are only making things worse.Yes we're in a recession but that's the nature of economies. We'll come out of this just fine.
psterling psterling 7 years
Americans are SUCH alarmists! We're nowhere NEAR the depression and we have tons of programs in place that didn't exist during the depression (FDIC, Social Security, etc.) that will prevent the same catastrophic scenario. Stop stuffing your matresses with cash and chill out a bit because all you Chicken Littles out there worried that the sky is falling are only making things worse. Yes we're in a recession but that's the nature of economies. We'll come out of this just fine.
a-nonny-mouse a-nonny-mouse 7 years
:lol: Funny, regardless of political leaning.
a-nonny-mouse a-nonny-mouse 7 years
:lol: Funny, regardless of political leaning.
cubadog cubadog 7 years
I agree with hippie cowgirl but not piper23
piper23 piper23 7 years
I'm going to be depressed if Obama wins. Does that count?
Le-Luxe Le-Luxe 7 years
I don't really know, but I said 'not likely'. So many people have credit cards, and even though the companies are tightening the credit limits, I don't think that people will ever really run out of money options in case they need food or gas or anything. There is always money somewhere, even if its borrowed.
syako syako 7 years
as much as the right is accused of fear mongering with terrorist attacks, I believe the left and MSM are just as guilty as fear mongering with a depression. And if you look at the numbers, like Business Week recently did, you'll see we're far from it: - Almost 10,000 commercial banks disappeared from 1929-1934. Since August 2007 14 banks - and 3 major investment houses - have gone the same way. - Take home income shrank by 25% by 1933. Now including such gov't transfer payments such as Social Security, it's down 5% since it peaked in May. - Output of US Factories and mines fell by 54% between 1929 and 1932 - and took four more years to regain its previous high. This time, industrial production has dropped by only 2% since it peaked in January 2008.
syako syako 7 years
as much as the right is accused of fear mongering with terrorist attacks, I believe the left and MSM are just as guilty as fear mongering with a depression.And if you look at the numbers, like Business Week recently did, you'll see we're far from it:- Almost 10,000 commercial banks disappeared from 1929-1934. Since August 2007 14 banks - and 3 major investment houses - have gone the same way.- Take home income shrank by 25% by 1933. Now including such gov't transfer payments such as Social Security, it's down 5% since it peaked in May.- Output of US Factories and mines fell by 54% between 1929 and 1932 - and took four more years to regain its previous high. This time, industrial production has dropped by only 2% since it peaked in January 2008.
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