America Has No Means to Recover from a Depression Dustin Ensinger
OpEdNews
December 8, 2008
Speaking in front of members of Congress on Tuesday, economist Peter Morici, a professor at the University of Maryland, said the job loss experienced in November "was much worse than was expected … The threat of a widespread depression is now real and present."
Many economic observers have justifiably stated that the U.S. is in the midst of the greatest recession facing the nation since the Great Depression. On Monday, the National Bureau of Economic Research finally acknowledged what most of Americans have known for some time: that the U.S. is officially in a deep and painful recession. Few, if any, however, will dare to call the current downturn a Depression. Actually, the department responsible for categorizing our economic condition, NEBR, refuses to use the term, although most Americans, judging by what they see and what is happening to them, realize we are truly entering a depression.
"Just as the NBER does not define the term depression or identify depressions, there is no formal NBER definition or dating of the Great Depression," the bureau’s website says.
It seems that some “experts” are finally starting to recognize the perilous situation that this country faces.
Chrysler vice chairman, Jim Press, told reporters after testifying on Capitol Hill that inaction to save the auto industry could trigger a full-blown Depression.
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