First definition that google returned: In economics, a depression is commonly defined as an extreme recession that lasts three or more years or leads to a decline in real gross domestic product (GDP) of at least 10 percent. Many of us already suffer from mental depression now we get to suffer an economic one as well
The U.S. economy has only experienced one economic depression. That's the Great Depression of 1929. It lasted for 10 years. According to the Bureau of Economic Analysis, the decline in the gross domestic product growth rates was of a magnitude not seen since: 1930 -8.6 percent. 1931 -6.4 percent. 1932 -12.9 percent. 1933 -1.2 percent. 1938 -3.3 percent. During the Depression, the unemployment rate went to 24.9 percent. Wages fell 42 percent. Total U.S. economic output fell from $103 billion to $55 billion. World trade plummeted 65 percent as measured in dollars. That was partly because of deflation. The Consumer Price Index fell 27 percent between November 1929 and March 1933, according to the Bureau of Labor Statistics. The effects of the Great Depression may still be felt today.
I dunno, if the fed wants to print enough money to make a loaf of bread worth a billion dollars a great reset on the market doesnt seem so bad...unless you're a boomer. They are really the only people that stand to lose significantly in a major recession that lasts 5 years or so. Bring manufacturing home, let big companies that can't balance their books fail, and force the country to reconcile with the fact the last 10 years have been the greatest market fakeout of all time. All the prosperity we experienced in the last decade has been a massive bull trap. None of it actually existed. All of it bought with debt and fake money that is now suddenly becoming a massive problem. Who would've thought. The people in power don't seem to care much about American lives anyway. Trump wants to open up the country again in April despite advice from professionals saying that's a terrible idea. Boomers just can't stand to not see fake money making fake money for more than a few weeks. Worse yet politicians can't seem to agree on a simple bailout bill without including their own counter-party digs and agendas. Maybe a massive recession will knock some sense into people that we need age limits on the president and very short term limits for these senators. Maybe even revamp (or abolish) the fed and bring back the gold standard and bring in more than two parties to congress to get some actual useful opinions out of people. At some point we are going to suffer a massive economic collapse. It's just naivety to think firing up the money printers next time will fix everything after this mess. We can either face it and become stronger from it by taking probably uncomfortable corrective action (unlikely) or kick the can down the road a generation or two (most likely).
"It's a recession when your neighbor loses his job; it's a depression when you lose yours." Harry Truman https://www.forbes.com/quotes/10624/
Haven't heard anyone say that in 10 years. I guess we are going to see a jump in Opioid and Alcohol addiction if things get really bad. People cant handle being out of work. It finishes you off, especially if you have a family and cant provide for them. Not to mention Suicides.
With this pandemic, I believe that in many countries there is an economic depression, as unemployment increases, there is a reduction in production and investment, also bankruptcies of companies reduced amounts of trade, as well as highly volatile currency exchange rate fluctuations.