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No. America MIGHT be in a recession, which is classified as two consecutive quarters of negative GDP growth (of which we now have one). As of December 1, 2008, we are officially in a recession. Two quarters, no growth. Next step.....depression.

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15y ago
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11y ago

At least, some kind of depression has happened. But it isn't a serious depression. I consider that this situation may shift within the next years. Some countries has wrong targets on their internal procedures that cause imbalance on the global economy.

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12y ago

it began in the U.S. but after Hoover enacted the Hawley- Smoot tariff in 1929 the flow of cash from the u.s. to Europe thus creating a global depression.

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Q: Was the Great Depression a global depression?
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