Is the white elephant in the room ? Some say we are in a 1930's type depression

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  1. 110211 profile image37
    110211posted 7 years ago

    Is the white elephant in the room ? Some say we are in a 1930's  type depression?

    The media keeps reporting that its the worse deperession since the 1930's
    in the uk but I don't see people suffering (unlesss they are keeping it secret) should I be worried?

    https://usercontent2.hubstatic.com/4645301_f260.jpg

  2. Pamela N Red profile image86
    Pamela N Redposted 7 years ago

    I can't answer for UK but America is not in a depression yet. Hopefully we won't get that bad but we aren't there yet. If people look at their history books and see how things were they would know that life was much harder.

  3. 110211 profile image37
    110211posted 7 years ago

    Thanks for the info,
    I plan to read some more on this topic through the hubs,I guess its always better to read the history books and make ones own mind up about what was happening at that time.

  4. Wayne Brown profile image83
    Wayne Brownposted 7 years ago

    I think anyone alive in that day who could remember would tell you that we are far from the misery that was being suffered at the time.  My grandfather worked all day in a sawmill during the depression for 50 cents a day and was glad to have a job.  Yes we have high unemployment and other factors.  We also have a government in place that has made a gob of mistakes and spent a ton of money that would have had about as much effect if it had just been stolen...actually it would have had more because it might have made it into circulation if it was stolen.  The financial sector will not get its act back together until interest rates rise.  The housing market was a false one created by the government and it collapse...it will eventually return to some level of normalcy provided the government leaves it alone.  The private sector cannot create jobs for fear that government plans such as Obamacare and the uncertainy of taxation will cause undue and unforseen burdens on their business.  The government's need for money outstrips that of the private sector so it is just a matter of time before that leads to inflation.  Add in the the potential for energy cost to spiral out of control and you have another element which will drive inflation through the roof.  We have not yet seen the worst of what "can come" if we do not get our heads screwed back on and pointed in the right direction.  America has shut down its own economy with the help of its own government...get government out of our lives and everybody's life will see a drastic improvement on the short-term. WB

 
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