We keep hearing that we might be in for a "double dip recession." If that were the case, then when did our first dip end?
Vox points out that we are in a depression.
He also points out that the difference between the recession of 1921 and the great depression was that the government got involved in a big way in the great depression, and now.
"What was the big difference between the recovery from the 1920-21
recession and the non-recovery from the 1929-30 depression? Then, as
now, the federal government decided to fight the economic contraction
with economic stimulus. The reason that the Great Depression 2.0 will
be much bigger and last much longer than its predecessor is because the
debt overhang is larger and the stimulus attempts have not only been
larger, but are global in their scope."
Not only that, but the US economy of the 1920's was not hindered by many things that will slow us down, like all of our new rules and regulations. Obamacare alone will be a major hindrance in our recovery; how will 2,000 of rules and regulations that regulate a huge part of the economy not slow us down? The decline of marriage will mean that people will be more interested in just getting by, rather than trying to provide for a family as best as possible.
I'm going to predict that we will be lucky if our current depression is only as bad as the Great Depression.