the great depressiondo you think it is possible that we can have another great depression? 

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litteacher8's profile pic

litteacher8 | High School Teacher | (Level 3) Distinguished Educator

Posted on

To a certain extend, we ARE in one. We are experiencing a worldwide, severe, prolonged recession. As with the Great Depression, our current recession was caused by greed. The greed resulted in a financial meltdown in America that affected the entire global economy.
alohaspirit's profile pic

alohaspirit | Middle School Teacher | (Level 2) Assistant Educator

Posted on

Unfortunately I also agree and think it is very possible. The fact that we are in the worst recession since the time of the Great Depression does not give me much faith that it will be easy to get out of this slump.  Also the way the federal government is handling this economic recession by flushing billions of dollars into these banks and companies is really only going to make it harder for us to dig our way out.  Really the ultimate goal for America is to end this war, which is the number one reason our debt has risen so fast to over $10 trillion!  Also we need to reduce federal spending on programs that are not needed or that need to be revamped.  Taxes will need to be raised a little if we really want to tackle this debt.  Really more Americans would be willing to pay more in taxes if the government actually used our money wisely.  Look at European countries, their taxes are very high, but they have universal healthcare and an excellent education system.  If they spend our money wisely and build good programs to help the citizens of this country, then we will invest more!

timbrady's profile pic

timbrady | College Teacher | (Level 1) Educator

Posted on

It seems to be more possible than I would have thought a few years ago.  I'm not sure we have the energy to do what we must to pull ourselves out of this ... especially if it entails delayed gratification.  Many of the great civilizations have declined because the citizens grew "soft" --- more interested in pleasure than in growth.  And I'm intrigued by one of the cures that has been suggested ... that credit start to flow again so we can grow DEEPER in debt.  We have overspent our income for the past 20 years, and it's caught up with us.  How will growing more debt get us out of our economic problems?  I know they say we spent our way out of the Great Depression, but credit didn't exist as it does today ....  Has anyone ever wondered what our life today would be without credit cards?  They have only been with us about 40 years, and we seems to have abused them, to our own loss.  Anyone have any ideas?

ray429's profile pic

ray429 | Elementary School Teacher | eNotes Newbie

Posted on

Yes, I believe it is very possible.  Times are very tough right now, the economy is down, people are loosing their jobs and the stock market is very unsteady.  Businesses are closing left and right due to the lack of customers and clients.  The Great Depression did not happen over night, it was a slow decline in the economy which is what I feel we are encountering right now. 

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