Sunday, June 12, 2011

Is the U.S. Headed for Another Great Depression?

If a depression by any other name would feel as bleak, what do you call the current state of the U.S. economy? A number of influential American economists are no longer mincing words: They argue that deficit-obsessed politicians in Washington are setting the United States up for a repeat of the 1930s.
“What we're experiencing may not be a full replay of the Great Depression, but that's little consolation for the millions of American families suffering from a slump that goes on and on,” insists Nobel laureate Paul Krugman.

“At some point, the pain of high unemployment may lead to some new thinking in Washington – but until that time, welcome to the second Great Depression,” adds Dean Baker of the Center for Economic and Policy Research.


  1. The United States is not headed for another Depression; we are in one now. In more ways than one, this downturn will be the most severe.

  2. Why will it be the most severe 9:08 ? See anyone
    starving? people jumping from the rooftops? People walking from new York to Florida to get a $4 a day job?

    No, sorry; this one is a whole new breed of bird

    Truth is; nobody knows because this is one path
    A) we've never been down
    B) Neither has any other nation

    I'm not saying it won't crash; that I believe is inevitable; given the current course we're on
    but, I also think the catalyst will come from
    something we haven't even been discussing - and - if it does happen - it will be virtually overnite - everything in this world is just to
    linked together.

    In the meantime; welfare and unemployment never looked so good; hell man, at 450 bucks a week and all I can beg, borrow and steal - I can make more in a month than the bottom 25% of the
    countries in this world can in a gadamn year!

    Woe is to us, us poor Lil' Ole Amerikans who
    said it was useless to vote - poor us; we have
    to give up the Beemer

    Now what/!

  3. We have been in depression since 08, the only reason you dont see it, is because there are no soup lines(Food Stamps)Hides that very well. Jobs are hard to come by, Crime is exploding and cops are writing tickets to raise revenue and are ignoring most major crimes, just look at the oakland cal police dept website, it shows how many crimes they dont respond to anymore and it is over 50 mostly felonies. dont kid yourself the usa is broke, if not for money printing, there would already be blood in the streets, but that is coming soon.

  4. 11:30, what will you do when the unemployment runs out and there are no jobs? You don't see people rioting now because (unlike the Great Depression) we have safety nets like unemployment insurance, Social Security, food stamps and assistance programs.

    However, when the Republican governors get done screwing over their constituents with austerity programs, and when the Federal government keeps spending on wars while cutting back on these safety nets, you finally will see violence.

    In fact, there has been an upsurge of protests and violence that the mainstream media does not cover unless it's the Tea Party. I didn't know about any of it until I read about it on various web sites.

    As for contaminated food, the only solution is to grow it yourself and hope the seed companies aren't lying to you.

  5. 11 30
    this is for you

  6. "They" are going to let almost 25% ( the true
    unemp # ) of the workers in this country run out
    of "safety nets"

    nah, I doubt it

    Just as they'll continue to raise the debt ceiling; so will Rome continue to hand out free
    bread and wine.

    And the games at the Colosseum will continue

    At ALL COSTS they WILL continue !

    ALL hail the annointed one and hope he gets another 4 years!

  7. 12:36 Everything he says is true; but did you catch the part where he talks about the true
    status of the Sheeple? These are the fuktards that while collecting all these marvelous bennies; sit around on their collective fat lazy asses and do nothing & that's what I'm refering to.

    You do have that 1% industrious, hardworking, informed and capable lot that will make it -
    however as george so eloquently states; the masses have no fucking clue.

    That 1% is out there now, preparing, forging new
    networks, making stuff, reading and staying informed about true world events.

    And I disagree a little with George in that the 1% represents almost 4 million of the best of the best - who are also by the way; very diversified and very well armed - the PTB don't
    own everything and according to the 1%


  8. Most of these reporters want to write about our current economic depression, they really want to write about how bad things really are.
    But I worked for large newspapers and the chief editors always changed headlines and stories to make them less scary then they really are.

  9. I have and my wife have worked full time for yrs. we make good money and still have not saw an effect on are income. You people talk about how hard things are but I aint seeing it. When does it start?

  10. 337 take off your blinders, the fall is all around you, you must live a very sheltered life.

  11. 3:37 you should see it in hidden inflation at the grocery store; higher gas prices, and almost 0 return on your savings. My retirement accounts aren't keeping up with inflation.

    My last job I worked there 4.5 years without a raise and was told I was lucky to survive the layoffs and work 70+ hours / week.

    Your house that the government told you was your piggy bank it probably isn't worth what you paid for it if you bought in the past 10 years and the taxes have probably gone up a lot.

    In 2007 I could get my cat's preferred brand of canned food for 37 cents in 2011 it is 57 cents. Luckily its still a 3 ounce can; unlike cereal, coffee, tuna and ice cream where they have reduced the package size and raised the prices.

    If you aren't seeing the problems you are lucky.


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