For 12%, a Mere Recession Would Be Good News

Why fret about a recession when you can worry about a full-fledged depression instead? A Gallup poll posed the question, “Right now, do you think the U.S. economy is growing, slowing down, in a recession or in an economic depression?” Twelve percent picked the “depression” tag, exceeding the 7 percent who said the economy is growing. Most respondents opted for either “slowing down” (46 percent) or “in a recession” (33 percent). Among people in the under-$20,000 income bracket, 27 percent said we’re in a depression. Why are so many people tossing around the “d” word? Gallup offers a theory: “The fact that the U.S. economy has not experienced anything resembling a severe recession in about a quarter century tends to set the bar pretty low as far as economic hardship is concerned.”