Someone currently brought up a topic of debate with me today. Are we in a depression or a recession? I honestly have no fucking clue. So, here's the definitions of both.
Recession - A period of economic contraction, sometimes limited in scope or duration.
Depression - A period during which employment, business, and stock-market values decrease severely or remain at a very low level of activity.
They are both about the same thing, but I am still standing by depression as it fits our situation better. Especially after all the "fixes" the government keeps trying to make. If you'd notice the description of "depression" completely FITS our country's situation for the last 4 (ish) years. Since, we're still in debt over $3 trillion, I will almost always consider us in "jeopardy".
I think originally we were in a depression, and IF everything is getting continually better - then a recession. But, honestly, I'm still leaning towards depression just because I still see employments really low, foreclosure rates high as shit, and the news still freaking out over the market going up 50 points.
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