America is facing a ticking clock to avert the first depression in over 80 years. There is a single huge threat facing us and three things we must do to keep this recession from becoming a depression.
In part one of this series, I explained Moody’s definition of Depression as “12 consecutive months of 10+% unemployment”.
While that’s a bit of a narrow definition as far as most economists are concerned, it certainly fits a definition most on main street might agree with.
And without question, it’s something we want to avoid if at all possible.