| At what point is a recession called a depression? |
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At what point is a recession called a depression?
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Asked 2 years ago
by Jackofdiamonds  United States |
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Retired
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| 4 Points |
When your neighbor gets laid off its a recession.....when YOU get laid off its a depression!
And do you know what a recovery is? :)
When a significant portion of the population can not afford three meals a day..
Well, that's been about 13-15% of the population for decades...unless you are one of those people who thinks that living below the poverty line doesn't mean missing meals (I know you don't, but there is always someone...)
2 years of economic downsizing.
Obviously you're not referring to the world and the possibilities of other countries reaching this point- recession can apply to all countries. so for the US- I don't know. I suspect a different conclusion might be drawn by US citizens.
A depression would be defined by the GNP falling by more than 10% according to one source I found; anything less is referred to as a recession.
When people lose their homes and have to live on the streets.
Oh, wait...yep, it really is a depression.