The Great Recession should have been a minor depression but because we borrowed several trillion dollars it became a recession only. Here we are more than ten years later and we have not only not paid back a dime of this debt but in fact have added to it!
As a result we are headed for a really Great Depression which will occur sometime over the next decade. The fact is we were headed for a depression given the increasing deficit as a result of the boomers retiring and wishing to live just like they did when they were working.
The effect of Medicare debt, of interest payments for buying our way out of the last recession and of the disappearing Social Security trust fund will result in a Global Depression. In the end it would have been less painful in the long term if we had not bought our way out of the Great Recession. We should have allowed GM and the bankrupt banks to have tanked instead of bailing them out. But that is exactly what will happen the next around!
And that is all I have to say about that!