Without a doubt the economy, the world of business is in recession. The definition of recession is multiple quarters of slowing or declines in growth. We have that.
But do we have a depression? The depression in the thirties was long and hard. It started in the US and became worldwide. It lasted for ten years. People did not spend money if they did not have to. Only food and shelter. Nothing frivolous.
Do people now feel that way? Is the unemployment rate as high as the Great Depression? There are many signs of depression nowadays. It is a time of great uncertainty and worry.
More people are more aware of what is essential and what is frivolous. Whatever the outcome, I hope that sticks in more people’s minds.