Here Comes the “D” Word Again: Depression

Not since the Collapse of 2008 has the “D” word – Depression – been used this much in the media. The bank bailout and credit bailout and the stimulus money all served to bring us back from the dead, and by mid-2009 the “D” word had all but disappeared, replaced by the Great Recession.

image of Great DepressionBut now, after two years of entrenched long-term joblessness, housing prices at their lowest since the 1930s, and other signs of weakening, the “D” word is back. “Is the U.S. headed for another Great Depression?” Canada’s Globe and Mail asks. Just a week ago, a CNN poll revealed that nearly half of all Americans fear we are headed for another Great Depression in the next year. And in The New Republic, economist Dean Baker argued “disaster not averted” in his article, “The Latest Jobs Numbers and the Very Real Chance of Another Great Depression.”

For the jobless – especially those over 50 – it’s been a Great Depression all along.

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