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Published Letters: 1
First of all I want you to reread this part PLEASE "Let's concede right off that the question is still speculative. The U.S. economy is not even technically in recession yet, either by the standard definition of two consecutive quarters of negative GDP growth, or as "officially" declared by the National Bureau of Economic Research. If we define a "depression" as a decline in GDP of 10 percent, then the U.S. is nowhere close."
Well since not as much goods are made in the USA anymore how can we define GDP as we have been historically?! Clothing, TV's, Furniture, Bicycles, Autos, Auto & Truck parts! Many companies are exploiting CHEAP foreign labor. It's almost like a modern version of slavery and it is putting us in this country out of work! Also we put money in the stock market via 401K's that invest in some companies that outsource our work offshore so we are financing our own job losses. So if we've lost 10% of our manufacturing jobs maybe we are close to a Depression...think about it.
