Depression Not Likely
Here’s a piece from Robert Samuelson, contributing editor of Newsweek, describing the similarities and differences between our current economy and that of the 1930s (i.e., the Great Depression).
In it, he notes that there is no economic definition of depression, recalling the 1870 through 1890 period of falling prices. We most certainly don’t have that (unless you’re talking housing!), what with oil, food, and other raw materials up in price.
Rest assured, his article implies, we are not heading toward a depression; in fact, the economy is quite strong, given all the “hand grenades” currently being thrown at it.
I think he’s on to something.