What people don't seem to be talking about, is the cumulative effect of having 2 back to back recessions on GDP. GDP still has still not recovered to pre-recession levels; I have read GDP is still >5% below pre-recession levels. If another recession strikes, even if it is not as severe as the last the net effect could easily be a depression. Short version: If there is a double dip there easily may be a depression due to the economy still not having recovered from the last recession's blow to GDP.