Recession is 2 quarters of loss? I know a depression is worse, but what exactly is the difference and does the US have a chance of expierencing one anytime soon?
Repossession
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{ 4 comments… read them below or add one }
A depression is defined as 25% unemployment. Your definition of recession is correct.
I think 25% unemployment is what occurred during the Great Depression but I’ve never heard of depression being specifically defined this way. Generally is it just a more severe recession. I think if unemployment reached 20% it would be considered depression.
The Difference is that a Depression is simply just a Very Long & more Severe Recession.
So it’s like a recession except that it’s a more severe recession & lasts much longer than an average recession.
& could be, yes. The U.S does have a chance of experiencing a Depression soon.
Let’s just hope the U.S won’t say : Solution?= War. Because if it does say that, either it’s going to be a horrible horrible conflict or the termination of the human race.
After All Hillary Clinton already said that if she’s elected president she will Completely Destroy Iran, if Iran nukes Israel.
So yes, WW3 it could be just around the corner.
I read a report where “economist” say the difference is “It’s a recession if your neighbor is out of work, it’s a depression if you’re out of work.” Guess that does put it in a nutshell!